Three banks raise mortgage rates - MoneySense

Three banks raise mortgage rates

Rising bond yields are raising the cost of borrowing.

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TD Canada Trust, CIBC and RBC Royal Bank have raised some of their fixed-term mortgage rates in response to rising bond yields.

All three banks increased their five-year fixed rate mortgages by a quarter of a percentage point to 5.44%, effective Tuesday.

Bond yields are on the rise due to optimism in U.S. stock markets about that country’s economic recovery.