By The Canadian Press
TORONTO - At least two of Canada's big banks raised raising some of their fixed-term mortgage rates by as much as one-quarter of a percentage point, beginning Tuesday.
TD Canada Trust's bank's five-year mortgage, one of the most commonly chosen by homeowners in Canada, will rise 0.25 of a percentage point to 5.44 per cent.
TD (TSX:TD) is also raising its three- and four-year rates by one-twentieth of a point, to 4.35 per cent and 5.14 per cent respectively.
One- and two-year closed mortgage rates are rising 0.15 of a percentage point to 3.50 per cent and 3.75 per cent, respectively. TD will also raise its six-, seven- and 10-year closed mortgage rates by a quarter point.
Meanwhile, CIBC (TSX:CM) raised its posted rate for a five-year closed mortgage by 0.25 percentage points to 5.44 per cent.
The bank also raised its one and two-year year closed mortgages by 0.15 percentage points and its three and four-year rages by 0.2 percentage points. CIBC's seven and 10-year rates were boosted by 0.25 percentage points.
Fluctuations in fixed-term mortgage rates usually reflect changes in the bond markets, while short-term rates and variable rates linked to prime are more influenced by the Bank of Canada's policy decisions.
TD and CIBC to hike mortgage rates by as much as one-quarter of a point
