Big Banks Raise 5-Year Fixed Rates Above 4%

Author: External Author | May 11, 2022 | Categories: Business Owner Mortgage , Certified Financial Planner , Construction Mortgage , Credit Challenges , Debt Consolidation , Debt Consolidation Mortgage , First Time Home Buyer , First Time Home Buyer Mortgage , Investment Property Mortgage , Life Insurance Broker , Mortgage Renewal , Mortgage Services , New to Canada Mortgage , Reverse Mortgage , Second Home Mortgage , Self Employed Loans , Vacation Property Mortgage

Most of the country’s big banks are now advertising special-offer 5-year fixed rates above 4%.

This includes RBC, TD, BMO, CIBC and National Bank of Canada, along with many other mortgage lenders.

Among national providers, insured 5-year fixed rates are now averaging 3.98% while uninsured mortgages average 4.12%, according to data tracked by Rob McLister, rate analyst and editor of Mortgage Logic. That’s up about 25 basis points since the start of April and up 10 bps since Wednesday alone.

The move follows the latest leg-up in the Government of Canada 5-year bond yield, which soared to a fresh 11-year high of 2.80% last week on higher-than-expected inflation data.

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Original Article Source Credits: Canadian MortgageTtrends, https://www.canadianmortgagetrends.com

Article Written By: Steve Huebl

Original Article Posted on: April 25, 2022

Link to Original Article: https://www.canadianmortgagetrends.com/2022/04/big-banks-raise-5-year-fixed-rates-above-4