Toronto Star
Banks raise ‘special discounted’ fixed mortgage rates
Canada’s largest banks are moving to increase some of their mortgage rates. BLOOMBERG
Scotiabank and the Royal Bank of Canada on Thursday became the latest to announce a round of increases covering various terms of what they call special discounted rates.
Those increases came a day after TD Canada Trust, the retail arm of TD Bank , boosted its “special” five-year closed rate a tenth of a percentage point to 3.39 per cent. The rate is a discount off the posted rate.
Scotiabank said its special discounted rates on two-year, four-year, seven-year and 10-year fixed-term residential mortgages were all going up a tenth of a percentage point effective June 22.
Its special four-year, fixed-term special rate, for example, rose to 3.09 per cent.
Royal Bank said is special discounted four-, five- and seven-year rates were going up June 24 by two-tenths of a percentage point to 3.29, 3.39 and 3.79 per cent respectively.
Royal also said its posted three-year closed rate would go up a tenth of a percentage point to 3.75 per cent.
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