Cash strapped banks hike mortgage rates
Cost of borrowing drives rate increase.
Your home sold—now what?
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RBC and TD Canada Trust announced rate hikes this week, while Scotia Bank has warned of a similar measure.
The increases reflect the climate of the North American bond market, where financial institutions borrow money to lend to mortgage customers. North American bonds are being dumped by investors in favour of stocks, forcing the banks to raise pay more attractive interest rates.
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