CIBC, National join list of banks raising rates
Filed Under Main Content · Tagged: Basis Point Increase, Basis Points, Canadian Banks, Cibc Bank, Fixed Rate Mortgage, List Of Banks, Match, Mortgage Rates, National Bank, National Banks, Variable Rate Mortgages, Year Fixed Mortgage, Year Fixed Rate Mortgage
Financial Post- CIBC and National Bank announced Tuesday that they are raising some of their mortgage rates, following announcements the previous day from three other Canadian banks that their home-lending charges were increasing.
In a statement Tuesday, CIBC said it would raise its rate on the benchmark five-year fixed rate mortgage by 60 basis points to 5.85%. It also announced 20 basis point increase to its three-year fixed-rate mortgage, bringing it to 4.35%, as well as a 40 basis point increase to its four-year fixed mortgage, bringing it to 5.34%. The CIBC changes take effect Wednesday.
CIBC’s variable rate mortgages remain unchanged.
Meanwhile, National Bank, after lowering its five- and four-year fixed rates earlier this month, announced Tuesday that it would raise those rates to match the other banks’ increases. Its three-year fixed-rate mortgage will also rise 20 basis points to 4.35%…
