News RBC First To Increase Mortgage Rates Before Competition SHARE ON: Jeff Slack, staff Friday, Jan. 12th, 2018 Canada’s two largest banks are boosting their five-year mortgage rates. RBC made the move first, bumping its five-year-fixed-rate mortgage to 5.14 per cent, up from 4.99 per cent. TD Bank quickly followed suit. The 15 point increase comes in response to rising bond rates. Scotiabank, BMO and CIBC are also expected to hike their rates.