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Mortgage rates at big six banks diverge following TD’s bold hike

Financial Post

Canada’s big banks don’t seem keen to follow Toronto-Dominion Bank’s lead on mortgage hikes — at least not all the way.

Posted mortgage rates have diverged in the past week following rate hikes by Toronto-Dominion, Royal Bank of Canada, Canadian Imperial Bank of Commerce and National Bank of Canada. Bank of Nova Scotia and Bank of Montreal have stood pat — so far — creating a 45 basis-point difference on five-year fixed-term loans.

“This is very different from what we’ve seen in the past,” Barclays Plc analyst John Aiken said. “It may be a bit of gamesmanship: TD and Royal were seeing how far they could lift mortgage rates for the group, but it doesn’t look like the others are playing ball.”

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