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Rate U-Turn

Rising-Fixed-Mortgage-RatesIt 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