Mortgage rate increase for TD customers

Toronto Dominion bank has followed RBC in raising its main mortgage rate to 2.94 per cent, the Globe and Mail reports.

Although TD increased its rate twice last month, it stopped at 2.69 per cent while RBC went to 2.94 per cent. TD’s latest move brings the two rivals in line again for 5-year fixed rate mortgages.

Tougher restrictions on lending and pressure from the bonds market has seen the big banks considering measures to boost profits.

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