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October 13, 2009

Several Canadian banks (TSX:BNS, TSX:CM, TSX:BMO) raised their posted rates for closed, fixed rate mortgages by up to 0.35 percentage points. Changes will take effect Wednesday.

Scotiabank, CIBC and the Bank of Montreal all raised their five-year closed rate by 0.35 percentage points.

Increases for other mortgages ranging from one year to 10 years ranged from no change to 0.35 of a percentage point.

This is along the same lines as the Royal Bank’s rates raise last week.

(Source: The Canadian Press)

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