Bank of Montreal has boosted rates on some popular mortgages and Canadian Imperial Bank of Commerce is following suit as anticipation builds that the country’s central bank will likely raise its benchmark interest rate next week.
On Friday, BMO hiked rates on its five-year fixed and five-year “Smart” fixed-rate mortgages by 20 basis points each, to 2.89 per cent and 2.79 per cent respectively, when amortized over 25 years or less. (A basis point is 1/100th of a percentage point.) The bank, which is Canada’s fourth-largest bank by assets, also pushed its three-year mortgage rate 10 basis points higher, to 2.64 per cent.Report Typo/Error
- Bank of Montreal$91.53-0.24(-0.26%)
- Bank of Montreal$72.76+0.40(+0.55%)
- Canadian Imperial Bank of Commerce$106.94+0.27(+0.25%)
- Canadian Imperial Bank of Commerce$84.95+0.77(+0.91%)
- Royal Bank of Canada$92.25-0.25(-0.27%)
- Royal Bank of Canada$73.32+0.36(+0.49%)
- Toronto-Dominion Bank$63.730.00(0.00%)
- Toronto-Dominion Bank$50.65+0.40(+0.80%)
- Bank of Nova Scotia$77.09-0.31(-0.40%)
- Bank of Nova Scotia$61.23+0.19(+0.31%)
- Updated August 18 4:01 PM EDT. Delayed by at least 15 minutes.