TD Bank again hikes mortgage rates

A key mortgage rate is on the way again at Toronto-Dominion Bank.

The bank said its five-year closed mortgage exceptional rate will increase to 2.94%, effective Thursday, coordinating a climb a month ago by RBC.

“We regularly review our rates and adjust them based on a number of factors, including the cost that TD pays to fund mortgages, and the competitive landscape,” TD spokesperson Cheryl Ficker said in an email.

“Increasing our rates is not a decision we take lightly. We consider the impact on our customers before proceeding with any rate change,” she said.

TD additionally knock up its four-year close special rate by 15 basis points to 2.69%.

That same day, every single new mortgages on investment properties will have 25 basis points included toward their general rate.

The progressions take after a move by TD on Nov. 15, in which it raised its special rate offer for a four-year fixed mortgage by five basis points and for a five-year mortgage by 10 basis points.

Before those climbs, TD knock up its mortgage prime rate by 15 basis points to 2.85%.