Most of the major banks have announced mortgage rate increases, 5 year posted rate is now at 5.54%. That’s the one you have to get qualified on right?
Most other special and fixed rates at the banks were also going up between 0.10 and 0.15 percentage points. Fixed-rate mortgage rates are affected by the cost of borrowing in the bond market, where banks finance their home loan lending.
From the Globe and Mail.