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Blog by Kevin Wong

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CIBC Follows Other Major Banks In Raising Mortgage Rates

CIBC raised the rates on fixed-rate mortgages Tuesday, following other major Canadian banks that did so Monday.

CIBC raised rates on closed mortgages by 0.10 to 0.15 percentage points, with the popular five-year closed option rising 0.15 per cent to 5.54 per cent, in line with the new rates announced by Royal Bank, TD Canada Trust and Laurentian Bank on Monday.

CIBC's new rates become effective Wednesday.