News Releases

BMO Lowers Its Five-Year Variable Rate Mortgage to Lowest Level in Over 30 Years

TORONTO, September 25, 2009 – BMO Bank of Montreal is providing an extra helping hand to Canadian home owners and prospective buyers contemplating getting into the market this fall. The Bank announced today its best five-year closed variable mortgage at 2.25 per cent. The lowest rate in more than 30 years will be effective tomorrow, September 26, 2009.

“There has never been a better time to bank with BMO,” said Lynne Kilpatrick, Senior Vice-President, Personal Banking, BMO Bank of Montreal. “More than ever, Canadians are looking to save. If you are not satisfied with your bank, come in and talk to us and join the 100,000 BMO customers who have saved more than $67 million using BMO SmartSteps.”

A variable rate mortgage offers the flexibility to lock in at any time. The mortgage can be renewed without fees to a fixed rate with a term that is equal to or longer than the current term.

“Lower mortgage rates have played a key role in providing more affordability for home buyers, which has helped turn Canada's housing markets around from weak levels earlier this year,” said Doug Porter, Deputy Chief Economist, BMO Capital Markets. “We expect a double-digit increase in home sales in 2010, getting us back to near pre-recession levels.”

There's never been a better time to bank with BMO:

Get a five-year closed variable mortgage at 2.25 per cent – BMO's Prime Rate
BMO SmartSteps has already helped people save more than $67 million since introduced in June. The SmartSteps program provides customers with easy steps to help them do better with their money.
BMO is the only bank that offers AIR MILES reward miles on debit and credit card purchases, anywhere you shop
2009 Synovate Best Banking awards winner for Branch Service Excellence as determined by BMO customers

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