(October 19 – 17:00 EST) – All the major banks are hiking their residential mortgage rates once again this afternoon.

Rates are headed up across the board with a five-year rates heading up 25 to 30 basis points depending on the institution, putting the five-year rate somewhere north of 8.25% at most lenders. Check with your favourite lender for specific rates.

This is the second such hike in the past couple of weeks. The growing expectation that the Bank of Canada is ready to raise its rates has many economists expecting a higher rate environment over the short to medium term.

-IE Staff