TD Bank raises prime rate for variable-rate mortgages to 2.85 per cent
TORONTO — TD Bank (TSX:TD) raised the interest rate it charges customers with variable-rate mortgages amid the changes to the mortgage insurance rules announced by Ottawa last month.
The big Canadian bank increased its TD Mortgage Prime rate to 2.85 per cent from 2.7 per cent, effective Tuesday.
TD said it regularly reviews its rates and adjusts them based on a number of factors, including the cost that the bank pays to fund mortgages.
“Increasing our rates is not a decision we take lightly,” TD spokeswoman Cheryl Ficker said.