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Big Six banks raise fixed mortgage rates again: CIBC follows on Friday as bond yields stay elevated
CIBC raised advertised rates Oct 9 — 15 bps on 1–4-year fixed, 20 bps on 5-year fixed — as all of Canada's Big Six banks have now repriced at least some fixed rates since early September; about 1.15 million mortgages renew in 2026.
Why it matters
CIBC raised its advertised mortgage rates on Friday, Oct 9 — 15 basis points on 1- through 4-year fixed rates and 20 basis points on 5-year fixed rates, with 3- and 5-year variable rates up 10 basis points — becoming the latest major bank to reprice after the rise in government bond yields. The moves arrive as about 1.15 million Canadian mortgages are set to renew in 2026, according to the Canada Mortgage and Housing Corporation, with another 940,000 renewing in 2027.
Details
Earlier in the week, BMO (Oct 7) raised its 3-year fixed rate by 20 basis points to 4.94% and its standard 5-year fixed rate by 20 basis points to 5.14%, with its high-ratio 5-year fixed rate up 15 basis points to 4.99%. Scotiabank raised its advertised 2-year fixed rate by 15 basis points to 5.14%, while RBC increased rates across 1- through 5-year fixed terms by 10 to 20 basis points and trimmed discounts on new 5-year variable mortgages.
Since early September, all of the Big 6 banks have increased at least some fixed rates, with cumulative increases of roughly 10 to 50 basis points across many 2- through 5-year terms. Some of the largest moves have been at TD and RBC, where several terms rose by 40 to 50 basis points.
The key benchmark for fixed mortgage pricing — the 5-year Government of Canada bond yield — was trading around 3.563% late Friday morning, easing after a weaker-than-expected employment report but still above early-September levels. It had reached a 52-week high near 3.73% on September 28.
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