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A TD Canada Trust branch in Toronto. The bank is lowering the interest rate it will charge for a three-year term mortgage, matching a move earlier this week by Royal Bank. (Mark Blinch/Reuters)
A TD Canada Trust branch in Toronto. The bank is lowering the interest rate it will charge for a three-year term mortgage, matching a move earlier this week by Royal Bank. (Mark Blinch/Reuters)

TD raises 3-year mortgage rate to match RBC Add to ...

Canada Trust is raising the interest rate it will charge for a three-year term mortgage, matching a move earlier this week by Royal Bank.

TD’s posted annual interest rate for three-year mortgages goes up by one-fifth of a point to 4.05 per cent, starting Thursday.

The bank is also offering a special five-year rate for new mortgage applications, matching RBC’s offer of 3.69 per cent.

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Canada’s major banks tend to adjust their mortgage rates at about the same time, responding to factors such as competition and fluctuations on bond markets.

Most major banks had been offering three-year mortgages at 3.95 per cent since late January until the RBC made its change, which went into effect Tuesday.

There are a number of mortgage rates beyond what banks list, often available through negotiation or from alternative lenders.

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