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Jul 5, 2011 - 1 minute read - business news

Banks Raise Residential Mortgage Rates

The Royal Bank, the TD and Laurention Bank have all increased their residential mortgage fixed rates. Rates have gone up across the various loan terms, with the 5 year mortgage rate up by 0.15% to 5.54%. The rest of the Banks will likely follow suit.

This has an impact on small business borrowing because commercial mortgage rates often move in tandem with the residential rates. While this rate increase isn’t large, it does indicate that we will be moving into a period of rising interest rates.