Mortgage Rates

Whether you're looking for a short- or long-term mortgage, variable or fixed rate, open or closed, we have a wide range of mortgage options and rates to meet your needs.
(current as of )

Fixed Rate

Your payments stay the same over the course of your term so you can budget with predictability. Choose from an open, closed or convertible mortgage depending on your needs.

Variable Rate

While the interest rate changes with BMO's prime rate your mortgage payments remain the same throughout the term . The amount applied to the principal versus interest may change with fluctuations in BMO's prime rate. Your amortization period (number of years to repay the mortgage) may vary and be longer if rates have risen or be shorter if rates have fallen since the start of the term.

Residential Fixed Rate Mortgages

Choose this mortgage if you believe interest rates will go down, if you plan to make prepayments of more than 20% of your original mortgage principle, or if you plan to sell your home in the near future.

Take advantage of lower interest rates than an open mortgage when you lock-in your rate for the duration of the term.

Offers the same benefits of a closed mortgage with the flexibility of changing to a longer fixed rate term of 1 year or longer without a prepayment charge.2

Rates for residential mortgages1 Posted rates APR
Open Mortgage
6 month %
1 year %
18 year %
Closed mortgage
1 year %
2 year %
3 year %
4 year %
5 year %
5 year low rate % 3.310%*
5 year BMO Eco Smart Mortgage® % Call for details
6 year %
7 year %
10 year %
10 year low rate %
Convertible mortgages
6 month %

Residential Variable Rate Mortgages

Rate for residential mortgages1 Posted Rates
3 year (open mortgage) %
5 year (closed mortgage) %
Open Fixed Rate

Choose this mortgage if you believe interest rates will go down, if you plan to make prepayments of more than 20% of your original mortgage principle, or if you plan to sell your home in the near future.

Closed Fixed Rate

Take advantage of lower interest rates than an open mortgage when you lock-in your rate for the duration of the term.

Convertible Fixed Rate

Offers the same benefits of a closed mortgage with the flexibility of changing to a longer fixed rate term of 1 year or longer without a prepayment charge.2

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These terms are effective and subject to change without notice.

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