CIBC, National join list of banks raising rates
Filed Under Main Content · Tagged: Basis Point Increase, Basis Points, Canadian Banks, Cibc Bank, Fixed Rate Mortgage, List Of Banks, Match, Mortgage Rates, National Bank, National Banks, Variable Rate Mortgages, Year Fixed Mortgage, Year Fixed Rate Mortgage
Financial Post- CIBC and National Bank announced Tuesday that they are raising some of their mortgage rates, following announcements the previous day from three other Canadian banks that their home-lending charges were increasing.
In a statement Tuesday, CIBC said it would raise its rate on the benchmark five-year fixed rate mortgage by 60 basis points to 5.85%. It also announced 20 basis point increase to its three-year fixed-rate mortgage, bringing it to 4.35%, as well as a 40 basis point increase to its four-year fixed mortgage, bringing it to 5.34%. The CIBC changes take effect Wednesday.
CIBC’s variable rate mortgages remain unchanged.
Meanwhile, National Bank, after lowering its five- and four-year fixed rates earlier this month, announced Tuesday that it would raise those rates to match the other banks’ increases. Its three-year fixed-rate mortgage will also rise 20 basis points to 4.35%…
CIBC, National join list of banks raising rates
Mortgage rates’ dream ride ‘almost over’
Filed Under Main Content · Tagged: Beginning Of The End, Canadians, Dollar Question, Fixed Rate, Harsh Reality, Housing Market, Longest Time, Mortgage Broker, Mortgage Rates, Paula Roberts, Quot, Rock Bottom, Upswing, Variable Rate Mortgages
Financial Post- For Canadians now accustomed to rock-bottom mortgage rates, a harsh reality looms.
Rates are officially on the upswing, an indication that the country’s housing market is finally poised to cool off and the beginning of the end to historically low rates.
It’s a move being closely monitored by those with variable-rate mortgages trying to cling to minimal monthly payments for as long as possible.
Is now the time to lock in to a fixed rate?
"That’s the million-dollar question," mortgage broker Paula Roberts said Monday. "We’ve had a great ride for the longest time. And we know the ride’s almost over…"
Mortgage rates’ dream ride ‘almost over’
Canadian banks boost mortgages
Filed Under Main Content · Tagged: Bank Of Canada, Canada Banks, Canadian Banks, Canadian Mortgages, Canadians, Fixed Rate Mortgage, Fixed Rate Mortgages, Globe And Mail, Interest Rate, Interest Rates, Monday Morning, Mortgage Rates, Percentage Points, Reminder, Royal Bank Of Canada, Ry, Signs, Variable Rate Mortgages
The Globe and Mail- Two of Canada’s largest banks are raising rates on some fixed-rate mortgages, a reminder that mortgage rates can go up before the central bank’s key interest rate does.
The move comes as many Canadians with variable-rate mortgages have been anxiously watching for signs of exactly when the Bank of Canada will begin hiking interest rates, in a bid to wait and lock into a fixed-rate mortgage at what they hope will be the ideal time.
Royal Bank of Canada (RY-T59.24-0.58-0.97%) , the country’s largest bank, said Monday morning that it is raising the rate on three-year closed fixed-rate mortgage by 0.20 percentage points to 4.35 per cent. The four-year closed rate will increase by 0.40 to 5.34 per cent, and the five-year closed rate will rise by 0.60 percentage points to 5.85 per cent.
