RBC, TD end 2.99% mortgage deals early

Canada’s two biggest banks have discontinued their record-low mortgage offers early, after briefly offering rates of below three per cent.

TD Bank raised its special four-year fixed mortgage rate from 2.99 per cent to 3.39 per cent, effective Wednesday. It introduced a new five-year special fixed rate of 4.04 per cent.

The bank also raised its standard five-year closed rate by 10 basis points to 5.24 per cent.

The hike is in response to similar moves by the Royal Bank, which announced it would raise its record-low rates on Monday.

RBC, Canada’s largest bank, hiked its four-year fixed mortgage rate from 2.99 per cent to 3.39 per cent, and raised its five-year special fixed rate to 4.04 per cent, effective Wednesday.

Both banks initially planned to offer the deals until the end of February.