Canadian Press
The Canadian Imperial Bank of Commerce (CIBC) says it will raise its five-year fixed-rate mortgage rate Tuesday by 15 basis points.
Spokesman Tom Wallis says in an email that the rate will change from 4.99% to 5.14%.
Wallis says seven-year and 10-year fixed-rate mortgage rates will also rise 15 basis points, whereas one- and two-year rates will go up 10 basis points.
The Royal Bank of Canada and Toronto Dominion Bank announced last week that they would raise their benchmark mortgage rates.
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The increases come as government bond yields rise. Fixed-rate mortgages tend to move with government bond yields of a similar term, reflecting the change in borrowing costs.