The Bank of Montreal recently cut its five-year fixed mortgage rate to 2.99 per cent as we head into the important spring housing market. BMO is lowering the rate on its five-year fixed low-rate mortgage to 2.99 per cent from 3.09 per cent on a loan with an amortization period of 25 years.
Other banks have yet to follow suit on their posted rates but already buyers are reporting negotiating rates below 3% with other institutions.
This is not the first time BMO has made this move; last year it also lowered its rate for the spring market, but only for a short time. When it made the move last year other banks were quick to introduce competitive products. It is unknown how long BMO’s current offer will be offered.
It’s subject to withdrawal. We’re not announcing how long it will be out in the market.
Sameh Elrefaei, BMO’s head of mortgage products
The lower rates are likely being offered to remain competitive in a shrinking housing market after the government introduced tougher mortgage rules last year.
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