TORONTO, March 8, 2012 /CNW/ - CIBC (TSX: CM); (NYSE: CM) today announced the following special mortgage rate offer, effective March 9, 2012:

4 year Fixed Rate Mortgage  2.99 per cent

This offer is in addition to the competitive mortgage offers across CIBC's full mortgage product lineup, including CIBC's existing special offer of 3.99 per cent on a 7 year fixed closed mortgage.

A CIBC poll released earlier this year revealed that Canadians have made paying down debt their number one financial priority entering the New Year. These lower fixed mortgage rates will help Canadians pay down their mortgage faster as part of their overall financial plan. The seven year special offer will help Canadians looking for the security of locking in a low rate over a longer term.

"Canadians have identified effective debt management as their primary focus this year, and these special offers will help new homebuyers and existing mortgage holders reduce interest costs and pay down their mortgage sooner," commented Colette Delaney, Executive Vice-President, Mortgage, Lending, Insurance, and Deposit Products, CIBC. "Getting the right advice about which mortgage is right for you is an important first step towards reaching your financial goals."

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.