TORONTO — The Canadian Imperial Bank of Commerce 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 per cent to 5.14 per cent.
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.
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.