Mr. Cam Fowler reports

BMO HELPS CANADIANS BECOME MORTGAGE-FREE FASTER WITH THE BMO SMART FIXED MORTGAGE

Bank of Montreal is lowering the rate on its BMO Smart Fixed mortgage to 2.79 per cent from 2.99 per cent, effective immediately.

"Buying a home is one of the biggest decisions and financial commitments Canadians will make in their lifetime, so it's critical that home buyers get the help they need to make the right mortgage decision," said Cam Fowler, group head, Canadian personal and commercial banking, BMO Financial Group. "Choosing a longer term, such as five years, along with a great rate, will help Canadians own their home sooner while saving them thousands in interest payments over the life of the mortgage."

"Given long-term interest rates are close to all-time lows and the recent market uncertainty, there are some benefits to locking in to a fixed-rate mortgage," said Doug Porter, chief economist, BMO Financial Group. "Combined with a shorter, 25-year amortization period, such a step would significantly dampen widespread concerns about the vulnerability of household finances."