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March 29, 2010
Canadians woke up on 29 March 2010 to big news that RBC and TD Banks had increased their mortgage rates. A 5 year fixed rate went up by as much as 6 tenth of a percent (.60%).
That takes their “discounted’ or “special offer” rates to as high as 4.59%. This is obviously a substantial increase and it puts them at a competitive disadvantage to many lenders who still offer a 5 year fixed rate in the 3.69% – 3.89% range.
If you are in a variable rate mortgage and contemplating “locking in” my suggestion is to do it today.
Some people have suggested that they might ride it out for a few more months or until variable rates start to go up. The problem with that is fixed rates almost always move first, as we’ve unfortunately witnessed today.
If you wait, you lose
