BMO cuts one 5-yr mortgage rate to 2.79%

Spring rate war heats up

  1

by

Online only.

  1
(Getty Images/Arda Guldogan)

(Getty Images/Arda Guldogan)

TORONTO – Bank of Montreal (TSX:BMO) is cutting its special offer five-year fixed rate mortgage to 2.79 per cent from 2.99 per cent, effective immediately.

The rate cut comes ahead of the key spring real estate season.

BMO left its other rates unchanged Tuesday.

Five-year mortgages are one of the most common ways for Canadians to finance the purchase of a new home.

The Canadian Real Estate Association recently cut its outlook for home sales this year.

The association predicts the impact of declining oil prices on consumer confidence in some provinces will push down home sales by 1.1 per cent to 475,700 units countrywide.


MoneySense senior editor, Home Owner columnist and licensed real estate agent Romana King takes reader questions on buying, selling and home renovations on Wednesday, March 18, 2015 at 1 p.m. EST.

To submit your questions in advance email letters@moneysense.ca, use #realestatechat on Twitter or join us live. Preference will be given to live chat attendees.

We're taking reader real estate questions on Wednesday, March 18, 2015 at 1 p.m.

We’re taking reader real estate questions on Wednesday, March 18, 2015 at 1 p.m.

One comment on “BMO cuts one 5-yr mortgage rate to 2.79%

  1. “Spring price war heats up”
    Shoudln’t it say Spring rate war heats up?
    Have also seen way better rates than this for some time now, why does the BMO rate so much press when they make the same announcement every year on their restrictive mortgage product?

    Reply

Leave a comment

Your email address will not be published. Required fields are marked *