01/12/2016 03:38 EST | Updated 01/12/2017 05:12 EST

Mortgage Rates In Canada: CIBC Latest To Hike Borrowing Costs For Homebuyers

TORONTO — CIBC has become the latest among the big banks to increase some of its mortgage rates.

The bank has raised its special offer, three-year fixed rate by 10 basis points to 2.59 per cent.

Meanwhile, its special offer, four-year fixed rate has also gone up by 10 basis points, to 2.84 per cent.

Low interest rates to the rescue: This chart from finance blog shows Canadian mortgage payments (blue line) fell even as debt levels (red line) rose, thanks to falling interest rates.

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 and TD Bank.

RBC said on Jan. 6 that its special offer, five-year fixed mortgage would rise by one-tenth of a point to 3.04 per cent. On Dec. 18, Toronto-Dominion Bank increased its one-year closed and four-year closed special rate, both by one-tenth of a point, or 10 basis points.