May 5th - 2010

MARKET WATCH: Mortgage rates on the rise

Canada’s big five banks have begun raising rates on certain fixed mortgages, including the benchmark five-year mortgage.

Canada’s big five banks have begun raising rates on certain fixed mortgages, including the benchmark five-year mortgage. Five-year closed mortgages jumped 60 basis points to 5.85% at the beginning of April. Four-year term closed mortgages rose by 40 basis points to 5.34%. For homeowners, the jump to 5.85% instead of 5.25% will mean about $70 more a month for a $200,000 mortgage set on a 25-year term.

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