TORONTO - Canada's major banks are raising their posted mortgage rates by up to one third of a point in anticipation of a rate hike by the country's central bank.
After the Bank of Canada hinted an increase in its 4.25 per cent overnight rate could be in the pipeline as soon as July, RBC Royal Bank (TSX:RY), CIBC, (TSX:CM), Bank of Montreal (TSX: BMO) and TD Canada Trust (TSX:TD) all raised their rates effective Wednesday. The rate hikes also reflect the rising cost of borrowing in the bond market, where banks finance their mortgage lending.
Source: Edmonton Journal
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Good for people to know.
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