Clay Jarvis
Mary FloryCurrent CIBC discounted mortgage rates
| Term | Rate | APR |
|---|---|---|
| 1 year (closed), fixed | 6.29% | 6.31% |
| 2 years (closed), fixed | 5.59% | 5.61% |
| 3 years (closed), fixed | 4.89% | 4.91% |
| 3-year (closed), variable | 4.95% | 4.97% |
| 4 years (closed), fixed | 4.74% | 4.76% |
| 5 years (closed), fixed | 4.89% | 4.91% |
| 5-year (closed), variable | 4.95% | 4.97% |
| 7 years (closed), fixed | 5.56% | 5.58% |
This table is updated daily on weekdays using data available on the Canadian Imperial Bank of Commerce website.
Current CIBC posted mortgage rates
| Term | Rate |
|---|---|
| 1-year (closed), fixed | 6.84% |
| 1-year (open), fixed | 10.00% |
| 2-year (closed), fixed | 6.59% |
| 3-year (closed), fixed | 6.99% |
| 3-year (closed), variable | 5.45% |
| 4-year (closed), fixed | 6.54% |
| 5-year (closed), fixed | 6.84% |
| 5-year (closed), variable | 5.45% |
| 7-year (closed), fixed | 6.65% |
| 10-year (closed), fixed | 7.14% |
This table is updated daily on weekdays using data available on the Canadian Imperial Bank of Commerce website.
CIBC prime rate
CIBC’s prime rate was lowered to 5.45% on December 12, 2024.
CIBC’s prime rate is the basis for its variable-rate lending products, like mortgages, credit cards and lines of credit. When the Bank of Canada adjusts its overnight rate, CIBC’s prime rate increases or decreases by the same amount, affecting the cost of borrowing for these products.
Mortgage rates at CIBC’s competitors
Click on a bank’s name to see its full range of fixed and variable mortgage rates, including any discounted rates currently on offer.
Rates updated: September 30, 2024
Bank |
3-Yr Fixed Rate |
5-Yr Fixed Rate |
5-Yr Variable Rate (Closed) |
5-Yr Variable Rate (Open) |
|---|---|---|---|---|
| 6.54% | 6.49% | 6.45% | 8.15% | |
| 6.99% | 6.84% | 6.45% | 9.75% | |
| 6.54% | 6.44% | 6.45% | N/A | |
| 6.50% | 6.39% | 6.45% | 9.75% | |
| 6.54% | 6.49% | 6.90% | 9.65% | |
| 6.94% | 6.79% | 6.60% | 7.60% |
Posted rates for closed mortgages with amortization under 25 years. Data source: Canada's major banks
CIBC at a glance
The Canadian Imperial Bank of Commerce (CIBC) we know today was formed in 1961 after the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. CIBC has introduced several banking innovations to the country over the years, including different payment frequencies for mortgages, in-house investment banking and automated telephone banking services.
CIBC is the fifth largest of Canada’s Big Six banks and a major player in the country’s mortgage market. In the second quarter of 2023, CIBC’s Canadian residential mortgage portfolio was $263 billion.
» MORE: Read our full CIBC Mortgage review
CIBC mortgage products
In addition to providing traditional mortgage products, including fixed- and variable-rate loans that may be structured as either open or closed, CIBC also offers:
- Home equity lines of credit.
- Renovation loans.
- Mortgages for second homes and investment properties.
- Mortgage refinances.
- Mortgage renewals.
CIBC mortgages: things to consider
Posted rates vs. special rates
Large lenders like CIBC often provide two sets of current mortgage rates: posted rates and special, or discounted, rates.
CIBC posted mortgage rates
CIBC’s posted rates are the pre-discounted mortgage rates the bank makes publicly available. Posted rates can be much higher than discounted rates, with the expectation that borrowers will negotiate them down.
There are various theories around why this is the case at major lenders. Some lending experts believe it’s to make borrowers feel a sense of satisfaction at getting a better deal. Others wonder if a higher posted rate allows banks to charge stiffer penalties if a person breaks their mortgage contract.
You’ll probably be offered a posted rate if you walk into a CIBC branch. Consider it the beginning of a negotiation — and a great reason to compare offers from other lenders.
CIBC special rates
Special rates are CIBC’s posted rates that have already been discounted, including limited time offers. A special rate will be more in line with the rate you’re offered in most circumstances.
Even if you’re offered a special mortgage rate at CIBC, don’t be afraid to try and negotiate a lower one.
Fixed vs. variable mortgage rates
When you get a mortgage from a lender like CIBC, you’ll have to make an important choice between a fixed or variable mortgage rate.
Fixed mortgage rates
With a fixed-rate mortgage, your interest rate will remain the same for the duration of your mortgage term. If CIBC offers you a 5.25% five-year fixed mortgage rate in 2023, for example, your rate won’t change until it’s time to renew your mortgage in 2028.
A fixed mortgage interest rate allows you to budget around a predictable monthly mortgage payment for years at a time. But if fixed rates fall during your mortgage term, the only way to take advantage is by breaking your mortgage contract and refinancing. Doing so can trigger steep mortgage prepayment penalties.
Variable mortgage rates
If you opt for a variable rate on your CIBC mortgage, the rate could rise or fall many times during your term. When it rises, more of your monthly mortgage payment will go toward interest. When it falls, more will go toward the principal.
Variable mortgage rates have generally been lower than fixed rates. But in times of high inflation, variable rates are driven upward by increases to lenders’ prime rates, which can put unexpected pressure on your finances.
From March 2022 to July 2023, for example, homeowners with variable-rate mortgages saw their rates increase 475 basis points. Since one basis point is equal to 0.01%, that means a borrower who secured a variable rate of 2.25% in January of 2022 would be paying 7% in July 2023. That’s not a common occurrence, but it highlights the risk of taking out a variable-rate mortgage during times of economic uncertainty.
Open vs. closed mortgages
Another consideration when getting a mortgage at CIBC is whether to choose an open or closed mortgage.
An open mortgage allows you to increase your mortgage payment or pay your mortgage in full at any time without penalty. A closed mortgage will impose annual limits on how much you can prepay your mortgage.
Choosing between open and closed mortgages is often a matter of cost. Open mortgages tend to come with much higher interest rates.
Convertible mortgages
If you’re unsure how long you’d like a mortgage contract to last, you can also consider a convertible mortgage. CIBC offers a six-month, closed convertible mortgage that can be extended to a longer term at any time without incurring a prepayment penalty.
A convertible mortgage can be a helpful option if you expect mortgage rates to fall in the near future. If rates decline to a level you’re satisfied with, you can lock in for several years and pay less in interest.
Rate vs. APR
When investigating CIBC’s mortgage rates or comparing them to rates from other lenders, it’s best to use the annual percentage rate (APR) provided rather than the interest rate itself.
APR includes any other fees that might be added to the cost of your mortgage. Taking APR into account can help you calculate your potential mortgage costs more accurately.
How to get the best mortgage rate at CIBC
As one of Canada’s federally regulated A lenders, CIBC follows the country’s strict lending guidelines. Convincing the bank to offer you the best mortgage rates might require a little effort on your part, including:
- Raising your credit score. A high credit score tells lenders that you pay your debts on time. A low credit score, on the other hand, might mark you as more of a credit risk and result in you being offered a higher interest rate. If your credit score is quite low, you may not be approved for a mortgage at CIBC at all. Instead, you might have to apply with one of Canada’s many B lenders.
- Making a larger down payment. If you can make a significant down payment, one that goes well beyond Canada’s minimum down payment guidelines, lenders might see that you prioritize home ownership — but they’ll definitely see that they can loan you less money. Both interpretations mean less risk for the lender, which could mean a lower mortgage rate for you.
- Lowering your debt service ratios. If your debt service ratios are high, it signals to lenders that too much of your income is already going toward paying down debt. That’s risky for lenders; the more risk you present as a borrower, the higher the rate you’ll be offered.
- Shopping around. CIBC may not offer you the best mortgage rate. Looking at the rates other lenders are charging is one way to find out whose offer is the right fit for your financial situation.
- Negotiating: Don’t be afraid to ask a CIBC mortgage advisor if they can improve on the rate they’ve offered you. If they stand firm, let them know that you’re going to see what other lenders are offering before making a final decision.
Applying for a mortgage at CIBC
Once on CIBC’s website, tap or hover over the tab titled “Mortgages.” On the menu that appears, look for the “Tools and Resources” section. That’s where you’ll navigate to CIBC’s online pre-qualification, pre-approval and mortgage application forms.
Once you choose “Pre-qualify for a Mortgage” from the Tools and Resources menu, you’ll be asked a series of questions that will help CIBC determine how much they might be willing to loan you.
You’ll need to provide some personal information. When we went through the process, we had to confirm what we entered by answering questions related to our recent banking history.
After you provide your gross household income, you’ll receive an estimated purchase price, mortgage amount and the name of the CIBC Mortgage Advisor who will follow up with you.
The mortgage pre-approval and mortgage applications begin on the same page; make sure you select which you want to submit on the top of the page.
When submitting a pre-approval, you’ll be asked to provide a down payment estimate as well as your household income.
The mortgage pre-approval and mortgage applications begin on the same page; make sure you select which you want to submit on the top of the page.
You’ll be asked to provide a down payment estimate as well as your household income.
You’ll eventually work with a mortgage advisor to submit more information, including documentation to verify your financials.
Frequently asked questions about CIBC mortgage rates
CIBC’s prime rate is currently 5.45%
You can — and should — negotiate your mortgage rate at CIBC. When you first apply for a mortgage, CIBC may not offer you the lowest rate possible. It’s always advisable to ask for a lower one. Even if you’re only able to reduce the cost of your mortgage by a little, the money you save can be put toward a better use.
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