03/17/2015 08:08 EDT | Updated 03/17/2015 08:59 EDT

BMO Cuts 5-Year Fixed-Rate Mortgage To 2.79%


TORONTO -- The 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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