WatchCIBC follows TD RBC to raise its fiveyear fixed mortgage rate today

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.Toronto-Dominion Bank lifts mortgage rate in ‘biggest move in years,’ RBC follows suitJumping mortgage rates will further tighten the debt vise for CanadiansWallis 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.TD lifted its posted rate for five-year fixed mortgages by 45 basis points to 5.59 per cent, the biggest hike in years, observers said.RBC raised its posted rate for a five-year fixed mortgage on Monday to 5.34 per cent compared with the 5.14 per cent currently posted.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. read more