Royal Bank and CIBC both announced today that they are increasing residential mortgage rates effective October 7.

At Royal, the rate for a one-year closed mortgage climbs 0.10% to 4.90%, while a five-year closed mortgage rises 0.15% to 6.60%.

At CIBC, the one-year closed rate goes up 0.10% to 4.75%, while the five-year closed rate rises 0.20% to 6.50%.