Are Big Banks jumping the gun?
Filed Under Main Content · Tagged: Bank Canada, Bank Of Canada, Banks, Decade, Fixed Mortgage Rate, Fixed Rate Mortgages, Globe And Mail, Globe Mail, Hasn, Interest Rates, Jumping The Gun, Overnight Rate, Percentage Point, Trend, Year Fixed Mortgage
The Globe and Mail- Interest rates are rising – we all get that – but it looks like the Big Banks are pushing things a bit with mortgages.
After a pair of increases in the past two weeks, the posted Big Bank five-year fixed mortgage rate now stands at 6.25 per cent. Does that seem high? In fact, it’s just half a percentage point below the average level for the past decade.
We’re supposed to be in the early phase of what could be a long cycle of rate increases. The Bank of Canada hasn’t even started raising its overnight rate, which sets the trend for borrowing costs other than fixed-rate mortgages. The overnight rate could very well start rising June 1 (that’s the central bank’s next rate-setting date), but even then it’s not dead certain that rates will move…
Are Big Banks jumping the gun? – The Globe and Mail
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
Give us a break, Canadians tell banks
Filed Under Main Content · Tagged: Biggest Banks, Break, Canadian Households, Canadians, Ontario Canada, Ottawa Citizen, Year Fixed Mortgage
Ottawa Citizen – Ontario, Canada – As of last week, posted rates for a five-year-fixed mortgage (the most popular among Canadian households) from Canada’s four biggest banks were 6.75 per …
