Two banks raise mortgage rates

TD and RBC increase five-year mortgage rates by 0.25%.



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Concerns over the U.S. economy and developments in Ireland’s bond market have pushed two Canadian lenders to raise their mortgage rates.

TD Canada Trust and the Royal Bank of Canada both announced on Tuesday that they will increase certain fixed-term mortgage rates by up to one-quarter of a percentage point, effective Wednesday.

Both banks will now offer five-year mortgages at a rate of 5.44%. Three- and four-year mortgage rates will also increase by one-quarter of a percentage point, while one-and two-year rates will go up by 0.15 of a percentage point.

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