Banks started raising mortgage rates again today as TD Bank lead the increase by raising many fixed-term mortgage rates. The standard 5 year mortgage will go up 0.3percentage points starting tomorrow.
The posted rate for the five-year closed mortgage at TD will increase to 5.69 per cent.
Other mortgage terms going up too and other banks such as Royal Bank are following suit. The increases reflect the increased cost of borrowing funds in the Bond market as the economy continue to grow.
Real estate prices are also rising in the Greater Toronto Area.
Many pockets of Ontario are doing better than others with new areas such as Bronte Creek in Oakville, Ontario seeing additional price increases due to the high desirability of this relatively new neighborhood and the relative lack of inventory.
The outlook for mortgage rate increases continues over the rest of 2011 and into 2012.
To lock in a mortgage rate and prequalify, visit the MortgageMedics.ca in Ontario for the best Ontario mortgage rates.
