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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. (Mark Blinch/Reuters)
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. (Mark Blinch/Reuters)

BMO, CIBC boost rates on mortgages ahead of expected BoC rate hike Add to ...

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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.

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