The Bank of Canada has recently put numerous measures to mitigate the effects of the COVID-19 pandemic. In particular, the Bank of Canada has cut its target for the overnight interest rate three times in March 2020, bringing the target rate to 0.25 per cent. By contrast, the mortgage rates charged by Canadian banks have increased. According to Bloomberg news: "Rates at large Canadian bank are now at 2.99 per cent to 3.04 per cent versus around 2.49 per cent to 2.59 per cent at the end of February." Use the model with asymmetric information considered in the course to give a possible explanation for why mortgage rates in Canada have increased despite the cuts of the overnight interest rate target implemented by the Bank of Canada