Bank of Nova Scotia announced Friday a reduction to 5.25% from 7.15% in the interest rate for the Bank’s 10-year fixed rate, closed term mortgage.

The pricing change — effective immediately — gives homeowners an opportunity to benefit from historically low interest rates.

“This is the perfect solution for customers who are looking for long-term interest rate comfort,” said Charles Lambert, managing director, mortgages, Scotiabank. “Prudent customers can now complement their borrowing strategies with plans to be mortgage free within 10 years.”

Scotiabank also announced a rate reduction to 3.25% from 5.25% for the bank’s Save Now, Save Later product, a one-year fixed rate, closed term mortgage.

Also Friday, TD Canada Trust has lowered its mortgage rates on 1-, 2-, 3- and 4-year fixed mortgages,
effective March 7.

IE