The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, b arring certain risks, more hikes are likely in the rest of the year. ... Even before Wednesdays decision, five of the countrys largest banks hiked five - year fixed rates 15 basis points to 5.14 per cent last week. (CIBC is still offering 4.99 per cent.)..... The change in the benchmark interest rate was 25 basis points (from 1% to 1.25%) on January 17, 2018 . Why do you think that the mortgage rates went up by 15 basis points instead of 25 basis points