Lowest 5-year Interest Rate Ever, Posted This Week by BMO

History was made with interest rates on Thursday.

The Bank of Montreal has dropped its’ five-year fixed mortgage to 2.99 %, which represents the lowest seen in Canadian banking history. 

This is a time limited offer, ending January 25, which is a move intended to draw in more real estate customers in the increasingly competitive marketplace.

There are some strings attached to this offer; lump sum payments are limited to 10 % of the principal each year. The mortgage is also based on a 25-year amortization period.

The Bank of Canada is expected to keep its overnight rate low until 2013 as well, amidst growing global uncertainty.

Historically low rates and lots of inventory of homes - perfect time to move up or to buy your first home.  Contact me today and we can get started!