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BMO cuts one 5-year mortgage rate to 2.79% from 2.99%

WATCH: One of Canada’s biggest banks has lowered the cost of borrowing. As Sean O’Shea reports, the bank now offers the lowest mortgage rate among its main competitors.

TORONTO – Bank of Montreal is lowering one of its mortgage rates by about 6.7 per cent, effective immediately.

The change affects a five-year fix-term mortgage, which will have a posted rate of 2.79 per cent, down from 2.99 per cent.

Five-year mortgages are one of the most common ways for consumers to finance the purchase of a new home, and competition among lenders often heats up during the spring when buyers and sellers tend to be more active.

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