As we mentioned last week fixed mortgage rates were under pressure to move higher as bond yields, the main influence on fixed mortgage rates, have been increasing steadily. Today, the first bank moved as TD mortgage rates were increased for different fixed terms from 0.15% – 0.25%.

These changes are effective tomorrow, February 8, 2011, and you can expect the other banks to follow suit with their own mortgage rate increases later this week. If you’re looking for a mortgage right now, you can get pre-approved to lock in a fixed rate while you’re looking before more fixed rates go up. Variable rates are still not expected to increase until later in the year.

Here is the detailed list of TD mortgage rate changes:

Fixed Rates	To:	Change:	Compare rates
1-year closed	3.50%	+0.15%
2-year closed	3.75%	+0.15%
3-year closed	4.35%	+0.20%
4-year closed	5.14%	+0.20%
5-year closed	5.44%	+0.25%
6-year closed	5.95%	+0.25%
7-year closed	6.34%	+0.25%
10-year closed	6.65%	+0.25%
Special Fixed Rate Offers
1-year closed Special	3.09%	+0.15%
2-year closed Special	3.35%	+0.15%
4-year closed Special	4.34%	+0.20%
5-year closed Special	4.39%	+0.25%
7-year closed Special	5.19%	+0.25%
10-year closed Special	5.44%	+0.25%

You can see how these latest TD mortgage rate changes compare against the other best mortgage rates here.

TD & RBC reversed their move to lower 5 year fixed mortgage rates by 0.10% last week by increasing their fixed mortgage rates by 0.15% – 0.25% today that will take effect tomorrow, November 17, 2010

This is the first mortgage rate increase in quite a while and only affects the bank’s fixed 1 – 5 year mortgage rates. Last week the banks took the market by surprise in dropping rates despite the fact government bond yields were increasing, as fixed mortgage rates move in tandem with the yields. Since October 19, the benchmark Government of Canada bond yield has increased by an astounding 28% as of yesterday’s close (but were down 3% today as of this writing). This latest rate change came about as the 5 year bond yield had risen another 13% since last week’s drop. It looks like the big lender’s push for market share does have its limits.

Here are the last fixed mortgage rate changes for RBC & TD:

The fixed mortgage rate changes are as follows:

You can see how these new lower fixed mortgage rates compare to the market.

TD Canada Trust announced their lowering their fixed mortgages rates effective tomorrow January 29, 2010. The biggest changes is the -0.20% change on the 3 year fixed rate to 4.30%. They are the most recent of the big banks dropping their posted rates this week.

TD’s recently lower mortgage rates include the following:

TD also has a 5 year fixed special on their website for 4.24%, which compares to the lowest 3.75% 5 year fixed available here. Their 5 year closed variable rate remains at Prime (2.25%).

Fixed closed mortgage rates are on the rise again as longer term bond yields have increased again, after rising last week as well. These yields are the main influence on fixed mortgage rates, and TD Canada Trust was the first bank to announce it was increasing it’s long term fixed mortgage rates. Interestingly they dropped the rate on their 1 year fixed rate at the same time indicating short term funds are not proving costlier at the moment.

It has been reported in the Toronto Star that the reason bond yields have been increasing is that the market is starting to price in an economic recover beginning later this year or next year. This occurrence hasn’t only been limited to Canada, as international bond yields have risen over that past few weeks.

TD Canada Trust’s latest mortgage rates are as follows and effective today, June 10, 2009:

We’ll keep an eye out if the other banks follow suit.

See how TD mortgage rates compare against the market.

TD Canada Trust has lowered its mortgage rates, effective April 28, 2009. This follows RBC mortgage rate cuts on April 25th, 2009.

The changes are as follows:

Fixed mortgage rate changes

Variable rate changes

Compare TD mortgage rates against the market now.