Canadians awoke this morning to news that RBC and TD Banks had increased their mortgage rates. 5 year fixed rates went up as much as 6 tenths of 1 percent (.60%).

That takes their “discounted’ or “special offer” rates to as high as 4.59%. Clearly this is a substantial increase and puts them at a competitive disadvantage to many of our lenders who are still offering 5 year fixed rates in the 3.69% – 3.89% range.

If you’re in a variable rate mortgage at the moment and contemplating “locking in” my suggestion is to do it today.

Some folks have suggested that they’ll ride the variable for a few months longer until variable rates start to go up. The problem with that logic is that fixed rates almost always move first, as we’ve witnessed today.

If you wait, you lose.

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