BMO lowers its five-year fixed rate mortgage below three per cent, says it has nothing to do with Flaherty’s exit

BMO lowers five-year variable rate mortgage to 2.25%. BMO Bank of Montreal is providing an extra incentive to Canadian home owners and prospective buyers contemplating getting into the market this fall. The bank announced Friday its best five-year closed variable mortgage at dropping to 2.25%. The lowest rate in more than 30 years will be effective.

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The Bank of Montreal is slashing its five-year fixed-rate mortgage to levels that caused former finance minister Jim Flaherty to express concerns last year. The bank says it will offer a five-year rate of 2.99 per cent, down from 3.49 per cent. BMO is the first big bank this year to lower its key five-year rate below the three per cent threshold.

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From clicking on BMO mortgage rate webpage, I can click start "start pre approval" process.. This offer is not available for the regular 5-year fixed rate mortgage (closed). smart Fixed limits you to a 10% increase on payments and a 10% lump sum per year, so it seems that it has an.

The Bank of Montreal (BMO) made a splash last week with the announcement of its 5-year 2.99% fixed mortgage rate, the lowest in history.This follows months of lenders’ being able to access cheap mortgage funding in the bond market.

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BMO lowers its five-year fixed rate mortgage below three per cent, says it has nothing to do with Flaherty’s exit Monika Warzecha March 27, 2014 Finance Minister Joe Oliver says he’ll be monitoring the industry closely.

TORONTO – The Bank of Montreal has slashed its five-year fixed mortgage rate to 2.99 per cent in a move that some real estate experts say will soon force the other major banks to follow suit.

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Last March, BMO again cut its five-year fixed rate to 2.99 per cent but raised it to 3.29 per cent a month later on April 29.