TORONTO, ONTARIO--(Marketwired - Mar 17, 2015) - BMO today announced it is lowering the rate on its BMO Smart Fixed Mortgage to 2.79 per cent from 2.99 per cent, effective immediately.
"Buying a home is one of the biggest decisions and financial commitments Canadians will make in their lifetime, so it's critical that home buyers get the help they need to make the right mortgage decision," said Cam Fowler, Group Head, Canadian Personal and Commercial Banking, BMO Financial Group. "Choosing a longer term, such as five years, along with a great rate will help Canadians own their home sooner while saving them thousands in interest payments over the life of the mortgage."
"Given long-term interest rates are close to all-time lows and the recent market uncertainty, there are some benefits to locking in to a fixed rate mortgage," said Doug Porter, Chief Economist, BMO Financial Group. "Combined with a shorter, 25-year amortization period, such a step would significantly dampen widespread concerns about the vulnerability of household finances."
For more information on the BMO Smart Fixed Mortgage or for help and advice on the home buying process, please click here.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of approximately $672 billion and more than 47,000 employees at January 31, 2015.