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Several Canadian banks raise mortgage rates
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The Canadian Press
Date: Tuesday Oct. 13, 2009 7:06 PM ET
TORONTO — Several Canadian banks (TSX:BNS, TSX:CM, TSX:BMO) raised their posted rates for closed, fixed rate mortgages by up to 0.35 percentage points effective Wednesday.
Scotiabank, CIBC and the Bank of Montreal all raised their five-year closed rate by 0.35 percentage points.
Increases for other mortgages ranging from one year to 10 years ranged from no change to 0.35 percentage points.
The change follows a similar move by the Royal Bank to raise rates last week.
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I applaud the budget, even though Health Care and education may stay unscathed. Sadly this cannot last and I worry to later this year where cuts will become enviable. If anything, this provides the Wildrose Alliance plenty of ammo when an election is called.
