Toronto Dominion Bank (NYSE: TD) increased the benchmark 30 year fixed mortgage interest rates on December 26, 2013. Customers visiting the local branches of TD Bank will find the new home purchase and refinancing loans listed at higher interest rates today.
As per the new mortgage rate chart released by the Canadian lender, the standard, long term, 30 year fixed rate mortgage home loans are now coming out at a higher lending rate of 4.812% and yield an impressive annual percentage return of 4.928%. Alternatively, the short term, 15 year fixed rate mortgage deals can be had at an interest cost of 3.688%, which are backed by an annual yield of 3.833% today.
In the refinancing arena, the best 3 year adjustable rate mortgage loans can be acquired by paying an interest cost of 2.688% and enjoying an annual return of 3ARMPA@. However, the more flexible, 5 year adjustable rate home loan schemes can be secured at an interest rate of 3.188% and an APR yield of 5ARMPA@ to start with.
The borrowers seeking more flexible rates of interest can go for the 7 year adjustable rate mortgage packages, which are now available against an interest charge of 3.438% and an APR yield of 7ARMPA@. On the other hand, the best 10 year adjustable rate mortgage plans can be locked in at a starting interest rate of 3.688% today, which carry an APR yield of 10ARMPA@.
The mortgage interest rates published by the banks often go up and down depending upon the price changes in the mortgage backed securities, which generally move in the direction of the stock markets. As the financial market lost its ground today and left the DJIA index wandering at a lower mark of 15337.70, after falling -0.73%, TD bank followed the pattern of the Wall Street and published its mortgage rates for the day. However, regardless of the mortgage interest rates, the stock prices of TD shares increased by +0.54 and reached a new price mark of 84.74 by the end of the trading day.
TD Bank, being one of the largest mortgage lenders in Canada, has decided to focus more on its internal growth rather than showing much concern towards expanding its operations in the United States. As of now, the bank is planning to add 34 more branches and employee more lending officers as well as advisers in the coming year to facilitate its overall growth.
Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.