TD Bank increases their 5 yr posted rate from 5.14% to 5.59%.

This has been all over the news! The key point is, banks typically give their clients much better rates than their posted rates. For example, TD’s 5 yr posted rate is 5.59% now but their current 5 yr insured special rate is 3.34%.

Posted rate is used to qualify for all insured mortgages and some not insured mortgages like variable rate mortgage. Since their posted rate jumped from 5.14% to 5.59%, you will not be able to qualify for the same mortgage amount. It will be less.

RBC raised their 5 yr posted as well – 5.34% now. Other lenders have not made any changes yet – Scotia’s posted rate is still at 5.14%.  Please check out this article below.

http://business.financialpost.com/news/fp-street/toronto-dominion-lifts-mortgage-rate-in-biggest-move-in-years