It was fun while it lasted. Three weeks after fixed rates dropped, Canada’s second largest bank is leading the move back up.
TD is lifting 1- to 5-year fixed rates as much as 35 basis points.
The 5-year posted rate is rising from 5.34% to 5.69% and TD’s “Special” 5-year rate is moving to 4.44%.
Other banks shouldn’t be far behind.
The change takes effect April 5 (tomorrow). TD says its decision reflects “rising bond yields and the subsequent increase in the cost of funds.”
If you need a pre-approval for a purchase in the next 180 days, get it done today or tomorrow just to be safe.
Rob McLister, CMT
RBC has raised its five-year fixed 10 bps more than TD (4.54% vs TD’s 4.44%):
I mentioned this on my blog yesterday how this spring market lenders are apparently more hesitant to compromise on margins. Last year around this time we saw the spread drop to as low as 80bp in cases, which is well below the margins lenders typically look for. But this year it seems like there’s no flair. Perhaps the night is young but it looks like this year’s housing market is more subdued.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.