The hike is the third increase to the bank’s offerings in a month
TD Bank increased its five-year fixed mortgage rate by 10 basis points on Thursday (December 15), bringing it up to 2.94 per cent and placing it on par with competitor Royal Bank’s offering.
The hike represented the bank’s third such increase in a month, BNN reported.
“We regularly review our rates and adjust them based on a number of factors, including the cost that TD pays to fund mortgages, and the competitive landscape,” spokesperson Cheryl Ficker wrote in an email.
This came in the wake of a similar move by the bank on December 1, which saw a hike on all mortgages on rental properties as well as an increase of 10 basis points on TD’s overall rate for all new fixed amortizations lasting 25 years or longer.
Earlier on November 17, TD hiked its four-year fixed mortgage rate by 5 basis points. The bank also raised its TD Mortgage Prime rate by 15 basis points on November 1.
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The hike represented the bank’s third such increase in a month, BNN reported.
“We regularly review our rates and adjust them based on a number of factors, including the cost that TD pays to fund mortgages, and the competitive landscape,” spokesperson Cheryl Ficker wrote in an email.
This came in the wake of a similar move by the bank on December 1, which saw a hike on all mortgages on rental properties as well as an increase of 10 basis points on TD’s overall rate for all new fixed amortizations lasting 25 years or longer.
Earlier on November 17, TD hiked its four-year fixed mortgage rate by 5 basis points. The bank also raised its TD Mortgage Prime rate by 15 basis points on November 1.
Related Stories:
TD Bank adjusts rates effective December
Banking regulator warns lenders not to become complacent about mortgages
