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

You can tell because BMO is making headlines again with a cut-rate mortgage. The bank announced today that it is slashing its Smart Fixed Mortgage rate to 2.79%. That’s the lowest advertised 5-year fixed rate of any big bank. Of course, most well-qualified borrowers know that banks routinely quote below their advertised rates.

Mortgage rates today, October 26, plus lock recommendations Mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drop, and rates increase.. Mortgage rates today, October 26, 2018, plus lock.

It’s been a long time coming. That’s why up to 5 per cent to 10 per cent of uninsured bank borrowers (that is, those with 20-per-cent-plus equity who can’t pass the stress test) could migrate to credit unions this year. The higher the banks’ five-year fixed rates go, the more borrowers they’ll lose to credit unions.

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Savers are expected to be hit hard by the decision of Governor Mark Carney and the Bank’s monetary policy committee to cut the base rate from 0.5 per cent to 0.25 per cent yesterday.

For example, let’s say you wanted to exit your 5 per cent five-year term with three years left to go. The lender would look at the current three-year term rate, which, say, is 3 per cent, and then charge you interest on the difference, 2 per cent, for 36 months. The sum also depends on how much money you still owe the bank.

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Mortgage wars heat up as BMO offers variable rate at biggest. – BMO is offering a five-year variable rate of 2.45 per cent until the end of May – 1 percentage point below its prime rate. Bank of Montreal’s offer beats discretionary rates of 2.75 per cent for similar mortgages by other lenders including Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia, according to RateSpy.com.

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