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

UPDATE: As of wednesday. march 18, TD has announced it will also price their five-year posted rate at 2.79 per cent, matching BMO’s discount.. Spring is traditionally the most competitive time for mortgage lenders; as warming temperatures tempt prospective buyers from hibernation and into open houses, brokers and banks alike up the ante on rate discounts.

Start studying Chapter 9 Financial markets. learn vocabulary, terms, and more with flashcards, games, and other study tools.. a. lower on a 30-year fixed-rate mortgage than on a 15-year fixed-rate mortgage.. A mortgage that requires interest payments for a three- to five-year period, then.

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.

But the Flaherty era is now over and, coincidence or not, BMO is back in the 2.99% business. BMO’s current 2.99% special is far from the lowest 5-year fixed rate in the market. Brokers and non-bank lenders have been sub-3% for a while now. Moreover, BMO’s rate only (officially) applies to its restrictive "Low Rate" mortgage.

Mortgage Refinancing Sinks Near a One-Decade Low on Rising Rates Get the latest mortgage rates for purchase or refinance from reputable lenders at Simply enter your home location, property value and loan amount to compare the best rates.

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.

Can I switch mortgage lenders after locking my loan? Yes, You Can Change Mortgage Lenders Before Closing There are many reasons to switch mortgage companies or lenders before your loan closes. You may switch at any time up to, and including, the end of the process, which is why the law requires a three-day right to cancel.

BMOs smart fixed mortgage Drops to 2.79%. The Smart Fixed Mortgage has the same fine print as the old Low Rate Mortgage. In other words, You can’t leave BMO for five years unless you sell the property (although you can refinance with BMO) The prepayment privileges are lower (10% annually vs. BMO’s normal 20%) The maximum amortization is 25 years (vs.

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.

Mortgage Rates Wednesday, Feb. 15: Surge; Appraisal Values Lower Than Owners Think Low values and interest rates have made buying. market is the more than 11 million homes that had negative equity at the end of 2011, meaning more is owed on the mortgage than the house is worth,

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.