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Mortgage calculator (Karen Roach/iStockphoto)
Mortgage calculator (Karen Roach/iStockphoto)

Big Canadian banks raise mortgage rates Add to ...

Several Canadian banks raised their posted rates for closed, fixed rate mortgages by up to 0.35 of a percentage point, effective Wednesday.

Bank of Nova Scotia , Canadian Imperial Bank of Commerce and Bank of Montreal all raised their five-year closed rate by that amount.

Increases for other mortgages ranging from one year to 10 years ranged from no change to 0.35 of a percentage point.

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The change follows a similar move last week by the Royal Bank of Canada to raise rates.

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