TD Increases Mortgage Rate For Clients

Toronto Dominion bank has followed in the footsteps of RBC by having their main mortgage rate increased by 2 per cent.

Despite that, the rate for TD has been increased twice in the previous month, it was stagnant at 2.69 per cent while RBC had theirs go up by 2.94 per cent. The recent decision by TD has caused both banks to be in line once more, for a fixed mortgages rate of five years.

The major banks are thinking of ways to boost profits because of the tight restrictions on loaning and stress from the bonds market as well.


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