T-D Bank is changing its marching orders – and hiking its prime rate by 15 basis points –  for customers with variable rate mortgages.

Effective today the bank is increasing its TD Mortgage Prime rate to 2.85 per cent – from 2.7 per cent.

Fixed-rate mortgage customers or those with other variable rate products – such as lines of credit – are not affected.

T-D’s Mortgage Prime Rate had been at 2.7 per cent since July, 2015.

That’s when it was cut – in the wake of a decision by the Bank of Canada – to reduce its overnight rate by a quarter of a percentage point – to 0.5 per cent.