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TD Bank raises Canadian 5-year fixed mortgage rate as bond yields climb

Reuters
·1 min read
FILE PHOTO: Toronto-Dominion Bank logos are seen outside of a branch in Ottawa

TORONTO (Reuters) - Toronto-Dominion Bank on Thursday became the first major Canadian lender to raise fixed mortgage rates since March, reversing recent cuts after bond yields jumped over the past week on inflation expectations.

TD Bank raised its Canadian five-year special fixed mortgage rate to 2.29%, according to its web site. It was 1.99% earlier, a spokesperson said.

The rate matches Bank of Nova Scotia's, according to data from RateHub.com, and compares with 2.19% at rivals Royal Bank of Canada and Bank of Montreal and 2.24% at Canadian Imperial Bank of Commerce, according to their websites.

Fixed mortgage rates generally move in conjunction with bond yields, while variable rates are tied to the central bank's key policy rate.

(Reporting By Nichola Saminather; Editing by Sam Holmes)