TD Bank hiking rates for longer mortgages on Dec. 1
A sign for TD Bank is shown in 2010. (AP Photo/Mark Lennihan)
The Canadian Press
Published Wednesday, November 30, 2016 7:24PM EST
Last Updated Wednesday, November 30, 2016 7:40PM EST
TORONTO - TD Bank is hiking rates for fixed mortgages with longer amortizations and all mortgages on rental properties.
Effective Dec. 1, the lender will charge an additional 10 basis points to their overall rate for all new fixed amortizations of 25 years or more.
That same day, all new mortgages on rental properties will have 25 basis points added to their overall rate.
The changes follow 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 fixed mortgage by 10 basis points.
TD spokeswoman Cheryl Ficker said in an email that the bank regularly reviews its rates and adjusts them based on a number of factors.
These include the cost that it pays to fund mortgages and the competitive landscape, she said.