Several big banks hike special discounted fixed mortgage rates

TORONTO — A number of Canada’s largest banks are moving to increase some of their mortgage rates.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%. 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%.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% respectively.Royal also said its posted three-year closed rate would go up a tenth of a percentage point to 3.75%.The Canadian Press read more

WatchTSX ends fourday losing streak heads higher on rising crude

TORONTO — A decline in U.S. crude stockpiles helped push oil prices and energy stocks higher as North American markets rallied at the close on Wednesday.Energy stocks were among the biggest gainers as the May contract for North American benchmark crude rose US$1.86 to US$37.75 a barrel.The S&P/TSX composite index ran up 42.80 points to 13,347.46 to end four straight days of losses, while the loonie gained 0.36 of a cent to 76.37 cents US.The U.S. Energy Information Administration said oil inventories fell by 4.9 million barrels last week. Analysts had been expecting a rise in inventory.In New York, the Dow Jones industrial average jumped 112.73 points at 17,716.05, while the broader S&P 500 climbed 21.49 points to 2,066.66. The Nasdaq gained 76.79 points at 4,920.72.Elsewhere in commodities, the June gold contract lost $5.80 to US$1,223.80 a troy ounce, while the May copper contract was unchanged at US$2.14 a pound and the May natural gas contract lost four cents at US$1.91 per mmBTU. read more