Rising fixed mortgage rates aren’t looking to subside anytime soon as RBC plans another hike, and Scotiabank joins with an increase of their own.
RBC announced that they will be increasing select special rates by 20 basis points this coming Monday, June 24. The rates affected are:
four-year fixed closed: 3.29 per cent
five-year fixed closed: 3.49 per cent
seven-year fixed closed: 3.79 per cent
RBC will also be increasing the three-year posted fixed rate to 3.75 per cent, up by 10 basis points.
Scotiabank Next Lender to Raise Rates
UPDATE: Scotiabank has announced another increase to their special discounted rates, effective this Wednesday, June 26. The rates include:
two-year fixed closed: 2.89 per cent (+10 bps)
four-year fixed closed: 3.29 per cent (+20 bps)
seven-year fixed closed: 3.79 per cent (+20 bps)
10-year fixed closed: 3.99 per cent. (+20 bps)
This upwards trend has persisted as of the beginning of June, when we first reported RBC was planning a rate increase. Since then, Laurentian and TD Bank have also followed suit with a rate rise.
The rates are increasing based on a recent surge in Government of Canada bond yields, which, as of today, have hit a new high of 1.79 per cent, topping the previous 52-week high of 1.78.
The Lowest Fixed Rates in Canada
According to our Best Rates table, the best fixed rate offers still sit below the 3 per cent mark, with five-year fixed at 2.89, one-year at 2.29, and three-year at 2.47. The lowest 10-year fixed rate currently sits at 3.54 per cent – a great opportunity to lock in for the long term at the same short term rates offered by the big banks.
Stay tuned for more rate increase updates.