Toronto-based Canadian Imperial Bank of Commerce has become the latest among the big banks to increase some of its mortgage rates.
The bank (TSX:CM) has raised its special offer, three-year fixed rate by 10 basis points to 2.59%.
Meanwhile, its special offer, four-year fixed rate has also gone up by 10 basis points, to 2.84%.
A CIBC spokeswoman says the changes came into effect on Jan. 9.
Special offer rates are discounted rates that are available only to qualified borrowers.
The move comes after similar rate increases from other lenders including Royal Bank of Canada (TSX:RY) and Toronto-Dominion Bank (TSX:TD).
RBC said on Jan. 6 that its special offer, five-year fixed mortgage would rise by one-tenth of a point to 3.04%. On Dec. 18, TD Bank increased its one-year closed and four-year closed special rate, both by one-tenth of a point, or 10 basis points.