Big Banks Raise 5-Year Fixed Rates Above 4%
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.
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