BUSINESS

Scotiabank lowering closed mortgage rates; offers new 4-year special rate

The Canadian Press Published Wednesday, March 19, 2014 7:43PM EDT

A security guard closes the doors at Scotiabank in Toronto on Tuesday, Aug. 28, 2012. (The Canadian Press/Michelle Siu)

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TORONTO -- Scotiabank (TSX:BNS) has announced an across the board lowering of interest rates on its closed mortgages.

Meanwhile, the bank said Wednesday that it is also eliminating all currently published specials and issuing a new, four-year special rate at 2.94 per cent.

The changes are effective Thursday.

The lower rates are on Scotiabank's one- to five-year closed mortgages as well as its seven- and 10-year closed mortgages.

The changes range from a drop of 0.20 percentage points to 4.79 per cent on its five-year closed to as much as 0.75 percentage points to 3.14 per cent on its two-year closed mortgage.