CIBC increases some of its mortgage rate products

Special offer, three-year fixed rate is up by 10 basis points



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TORONTO – CIBC has become the latest among the big banks to increase some of its mortgage rates.

The bank (TSX:CM) has raised its special offer, three-year fixed rate by 10 basis points to 2.59 per cent.

Meanwhile, its special offer, four-year fixed rate has also gone up by 10 basis points, to 2.84 per cent.

A CIBC spokeswoman says the changes came into effect on Jan. 9.

Mortgage rates are rising »

Special offer rates are discounted rates that are available only to qualified borrowers.

The move comes after similar rate increases from other lenders including Royal Bank (TSX:RY) and TD Bank (TSX:TD).

RBC said on Jan. 6 that its special offer, five-year fixed mortgage would rise by one-tenth of a point to 3.04 per cent. On Dec. 18, Toronto-Dominion Bank (TSX:TD) increased its one-year closed and four-year closed special rate, both by one-tenth of a point, or 10 basis points.

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