The major Canadian banks - CIBC, RBC Royal Bank and TD Canada Trust have increased fixed rate mortgages by 0.25 percentage points to 5.44 per cent.
The banks increased it's one-year fixed rate mortgage 0.15 percentage to 3.5 per cent.
The mortgage rates are affected by bond yields. which have also risen as a result of concers over inflation.
There are no changed to other rates.
The new rates already came into effect.
If you need mortgage or refinancing, try to get pre-approval right now, before additional rates increases.
The best way to do it is to call Centum mortgage agent Alex Malkhassiants at (416) 723-9383.
Centum has the best and lowest Canada mortgage rates on a wide range of products.
| Term | Our Rate | Bank Rate |
| 3 Yr Fixed | 3.80% | 4.35% |
| 5 Yr Fixed | 4.04% | 5.44% |
| Variable | 2.10% | 3.00% |
Updated : February 10, 2011
Reports say that households in Ontario are vulnerable to interest rates hikes. That's why you should think about pre-approval before start searching for Ontario real estate or the house in Ontario.
Alexandre Malkhassiants, Sales Representative & Mortgage Specialist,