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Several big banks raise 'special discounted' fixed mortgage rates

TORONTO – A number of Canada’s largest banks are moving to increase some of their mortgage rates.

Scotiabank (TSX:BNS) and the Royal Bank of Canada (TSX:RY) 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 (TSX:TD), 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.