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Let's find the mortgage rate that is best for you

(Rates are current as of )

 

How do you find the mortgage rate based on your lifestyle and needs? You've come to the right place.

 

Featured Rates

 

All rates are based on a 25-year amortization period.

 

Start pre-approval

 

Special Rates

25 years or less amortization

Special Rates

Greater than 25 years amortization

 

Fixed Rate

 

Fixed Rate Closed
Mortgage
A fixed-rate closed mortgage allows you to budget with certainty, because your interest rate is locked in. Even if interest rates were to rise, your fixed monthly payments would stay the same.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
3 year 2.54% 2.57%
5 year Smart Fixed 2.59% 2.61%
5 year 2.69% 2.71%
7 year 3.54% 3.55%

 

 

Variable Rate

 

Variable Rate Closed Mortgage A variable rate closed mortgage lets you enjoy declining interest rates while giving you the opportunity to lock into a fixed rate closed term at any time. You can also make prepayments up to 20% of your original mortgage amount per calendar year without prepayment charges.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
5 year 2.60%†† 2.62%
BMO Mortgage prime rate is %

 

 

Fixed Rate

 

Fixed Rate Closed
Mortgage
A fixed-rate closed mortgage allows you to budget with certainty, because your interest rate is locked in. Even if interest rates were to rise, your fixed monthly payments would stay the same.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
3 year 2.64% 2.67%
5 year 2.79% 2.81%
7 year 3.64% 3.65%

 

 

Variable Rate

 

Variable Rate Closed Mortgage A variable rate closed mortgage lets you enjoy declining interest rates while giving you the opportunity to lock into a fixed rate closed term at any time. You can also make prepayments up to 20% of your original mortgage amount per calendar year without prepayment charges.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
5 year 2.70% 2.72%
BMO Mortgage prime rate is %

 

 

Start pre-approval

 

Posted Rates

 

Be sure to also see our featured and special rates listed above to find the mortgage rate right for you.

 

Posted Rates

25 years or less amortization

Posted Rates

Greater than 25 years amortization

 

Fixed Rate Closed
Mortgage
A fixed-rate closed mortgage allows you to budget with certainty, because your interest rate is locked in. Even if interest rates were to rise, your fixed monthly payments would stay the same.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
1 year %
2 year %
3 year %
4 year %
5 year %
5 year Smart Fixed % 2.91% *
6 year %
7 year %
10 year %
10 year Smart Fixed % 3.95% **

Convertible Fixed Rate2 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.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
6 Month %

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 principal, or if you plan to sell your home in the near future.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
6 month 6.95%  
1 year 6.95%  
18 year 8.50%  

Variable Rate With a variable rate mortgage, you can save on costs. While your payments remain the same, the amount applied to your principal can fluctuate along with BMO’s prime lending rate.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
3 year (open) 3.90%  
5 year (closed) 2.70%

Fixed Rate Closed
Mortgage
A fixed-rate closed mortgage allows you to budget with certainty, because your interest rate is locked in. Even if interest rates were to rise, your fixed monthly payments would stay the same.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
1 year %
2 year %
3 year %
4 year %
5 year %
6 year %
7 year %
10 year %

Convertible Fixed Rate2 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.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
6 month 4.20%  

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 principal, or if you plan to sell your home in the near future.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
6 month 6.95%  
1 year 6.95%  
18 year 8.50%  

Variable Rate With a variable rate mortgage, you can save on costs. While your payments remain the same, the amount applied to your principal can fluctuate along with BMO’s prime lending rate.

Term The mortgage term refers to the amount of time your mortgage contract is in effect. Your interest rate is in effect for that term. At the end of each term, you’ll need to pay off your BMO mortgage or renew your mortgage for another term. Rate 1

In these calculations we assume the following:

 

  1. the interest rate is the same for the entire amortization period,
  2. interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and
  3. the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

 

This table reflects the information you enter.

APR† The annual percentage rate (APR) reflects the total cost of borrowing over a one-year time period. It includes the mortgage interest rate and other costs associated with the loan (for example, appraisal fees or broker fees).
3 year (open) 3.90%  
5 year (closed) 2.70%

 


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What do these mortgage terms mean?

Variable rate mortgage. Fixed rate mortgage. Open mortgage. Closed mortgage. Learn all these terms and then some.

See glossary