Banks defend hike in mortgage rates

Date: 
Tuesday, March 8, 2016 - 00:00

Commercial banks are defending the increase in mortgage rates during a recession. 
The banks are saying the increase in the mortgage market reference rate from the Central Bank is the guideline used to determine mortgage rate.
But the Central Bank tells us the commercial banks aren't necessarily compelled to pass on the increase.
Judy Kanhai has more.