BMO brings back 2.99 per cent mortgage

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The Bank of Montreal has dropped the rate of its 5-year fixed mortgage to 2.99 per cent, down from 3.29 per cent. The first time its rate was reduced to that level was in 2012 and BMO was criticised by the late finance minister Jim Flaherty for fuelling a potential bubble but it was also at 2.99 per cent as recently as this March. Although other lenders offer a similar or lower deal, BMO is the only one of the big banks to do so. It’s suggested that this is more of a marketing move rather than a longer term policy as rates are expected to edge upwards ahead of interest rate rises predicted for next year. Read the full story.
  • Broker on 2014-09-10 7:58:17 AM

    How is this news? Scotia has been there for months

  • Adrian on 2014-09-10 8:36:35 AM

    This is inaccurate.. We have been able to get 2.99% and better at Scotia and TD since the spring.. RBC is also offering but not through the broker channel. No news here..

  • Dustan Woodhouse on 2014-09-10 10:27:31 AM

    The Headline should read 'BMO late to the party'.

    I agree with the first two comments, and would add that as an industry news source inserting a line or two about the fact that clients of Mortgage Brokers have had access to 2.99% or better since Spring, including via big bank. would be relevant.

  • Nancy on 2014-09-11 9:46:19 AM

    Seriously? This is news? Must be a slow news day!

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