The figure bolstered signs earlier this year that the demand for mortgages has skyrocketed, with JP Morgan, Wells Fargo and Citigroup Inc. seeing a collective 31 percent increase in the value of their mortgage operations between the first and second quarters of 2016. Even though the Federal Reserve held off on raising interest rates, they pointed to increased inflation and inflation expectations, which are the factors that have been pushing bond yields and mortgage rates higher.
"Interest rates for all TD customers are going to go up", a spokesperson for mortgage site Ratehub said in an emailed statement.
"Mortgage rates increased last week to their highest levels since early June following a string of strong economic data in the USA and Europe raising the probability that monetary policy in both regions will tighten sooner rather than later", said Erin Lantz, vice president of mortgages at Zillow.
The average rate for a 10-year fixed refinance rate is 2.78 percent, up two basis points over the last seven days.
Mortgage brokers had warned that the mortgage rule changes announced by Ottawa last month would make it harder for non-bank lenders to operate and could see Canadians pay higher interest rates.
LoanDepot, founded by Anthony Hsieh less than 7 years ago, has become the 5th largest mortgage lender by volume according to the most recent report by Inside Mortgage Finance. "Several Fed speeches are likely to drive rates this week, although markets will also keep an eye on oil markets". And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87, higher than last week when it averaged 2.84 percent.
The market share of refi applications remained unchanged at 62.7% from the previous week.
Homeowners with fixed-rate mortgages from TD Bank aren't affected by the rate hike. One point equals 1 percent of the loan amount.