CIBC announced Wednesday it would lower most of its mortgage rates. TD Canada Trust followed suit with cuts of its owne

At CIBC, the cuts range from 0.15 percentage points for the three-year (down to 6.45%) and five-year rates (down to 7.30%) to 0.45% for a two-year closed mortgage (down to 5.85%).

A one-year closed mortgage drops 0.30 percentage points to 5.10%. The six-year, seven-year and 10-year rates all drop by 0.20 percentage point.

While most of the adjustments were to the downside, CIBC increased its shortest-term mortgages. Its six-month convertible mortgage rises 0.15 percentage points to 5.50%; while its six-month open mortgage also rises 0.15 percentage points to 5.95%.

TD Canada Trust did not raise any rates. Its mortgage cuts range from 0.05 percentage points to the six-year rate (down to 7.95%) to 0.25 percentage points for the one-year closed (down to 5.15%).

As with CIBC, TD’s five-year mortgage rate drops 0.15 percentage points to 7.30%.