TD Canada Trust is raising the interest rate it will charge for a three-year term mortgage, matching a move earlier this week by Royal Bank.
TD?s posted annual interest rate for three-year mortgages goes up by one-fifth of a point to 4.05%, starting Thursday.
The bank is also offering a special five-year rate for new mortgage applications, matching RBC?s offer of 3.69%.
Canada?s major banks tend to adjust their mortgage rates at about the same time, responding to factors such as competition and fluctuations on bond markets.
Most major banks had been offering three-year mortgages at 3.95% since late January until the RBC made its change, which went into effect Tuesday.
There are a number of mortgage rates beyond what banks list, often available through negotiation or from alternative lenders.
The Canadian Press
This story was corrected to indicate that TD Canada Trust is raising its mortgage rate, not dropping it, as was originally reported by The Canadian Press.
Source: http://business.financialpost.com/2012/08/22/td-drops-mortgage-rate/
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