Bond Market Inflation Pushes Short Term Mortgage Rates Up
The interest rates on short-term mortgages in Canada have jumped another fifth of a percentage point, due to inflationary pressures pushing up rates in the bond market.
Affected mortgages include those with terms ranging from six months to three years. Royal Bank customers will now pay 6.05% interest on a one-year closed mortgage, or 6.2% on a three-year term.