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TD raises mortgage rates

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Higher borrowing costs in the bond market have pushed TD bank to raise mortgage rates.

Borrowers interested in 5 to 10 year closed mortgages will face the biggest jump in rates, which will increase by 0.35 percentage points starting Tuesday.

The rate for a five-year closed mortgage will rise to 5.69 percent.

The move comes three weeks after TD cut some mortgage rates, citing lower bond yields.

RBC also raised mortgage rates on Monday, pushing its rate for a five-year closed mortgage up 0.35 percentage points to 5.69 percent.

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