Can a bank not raise their mortgage interest rate if others do?

Seems in Canada as soon as one bank raises it's interest rate for a 5 year mortgage then all the other major banks follow suit soon after. Why? Can a bank not raise it's rate and get more business from people looking to get the best rate to purchase a home?|||The prime rate has little to do with real estate loan interest rates.



What effects RE interest rates is the bond rates. Generally speaking all lenders get the money that they make RE loans with is from the same place, the Federal Reserve. Lenders seldom portfolio the RE loans they make, but package them and sell them to investors. The lender will often service those loans for a fee in behalf of the investor but the bank usually doesn't own the loan.|||Yes since the increase is due to the Government increase in the Prime lending rate. That is why all banks increase at the same time|||The rates are based on government set rates. So that's why they all change at once.