People had a sense it was coming. Fixed rates are now “officially” on the way up.
RBC’s new 5-year posted rate is 5.45%, up 0.20%. The rest of the Big 5 will likely follow at some point.
Its “special offer” fixed rate (an industry benchmark for discounted 5-year mortgages) is now 4.15%.
We’ve also seen several other smaller lenders increasing fixed rates, including some of the leading no-frills lenders.
Will this lead to a longer-term uptrend in fixed rates? We’ll know in 6-12 months.
For now, the good news is that we’re still just 0.20% above the lowest fixed rates in history. Moreover, if you want to lock in near the bottom, there are still some lenders who haven’t raised yet.