Get Protection Against Higher Interest Rates with BMO's 10-Year Fixed Low-Rate Mortgage-Lock-in Today for Ten Years of Payment Certainty
TORONTO, ONTARIO–(Marketwire - March 14, 2012) - With recent signals from the Bank of Canada suggesting interest rates may begin to climb next year, BMO’s new 10-year fixed low-rate mortgage at 3.99 per cent provides existing and prospective homeowners with a shield to protect against higher rates.
“For quite some time now, interest rate hikes may not have been top of mind for Canadians, but now rates may change sooner than expected,” said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal. “Having rate certainty for 10 years provides significant protection against that possibility for Canadian households.”
A BMO survey shows 82 per cent of Canadians are looking for both rate and cost certainty, and two-thirds (65 per cent) are looking to lock-in at a fixed rate to take advantage of low interest rates.
The new 10-year fixed low-rate mortgage at 3.99 per cent is modelled after the popular 5-year fixed low-rate mortgage, which offers a rate of 2.99 per cent. Both are available to new and existing customers with a maximum 25-year amortization. Both mortgage offers are available until March 28th.