CIBC and TD Offer New Fixed Mortgage Options Amid Yield Growth

Select fixed mortgage rates for 3- and 5-year terms were raised by 20 basis points by two major banks, following similar increases by others ranging from 5 to 40 basis points. These adjustments respond to a rise in the 5-year Government of Canada bond yield, which hit a 52-week high of 3.729% before slightly easing, driven by global bond selloff and energy inflation concerns. The yield remains elevated, sustaining upward pressure on fixed mortgage rates.