Last month, the Bank of Montreal, in an attempt to gain market share during the slower winter housing months, surprised the mortgage industry by introducing a posted 2.99% 5-year fixed rate mortgage to the marketplace.
Aware of all the potential changes that are coming in the next few weeks and a strong realization of the material impact that they could have on the mortgage marketplace
The Bank of Montreal cut its special five-year fixed rate mortgage by 20 basis points Wednesday, bringing it down to 3.59% from 3.79%.
BMO said in a statement that the move was an effort to provide potential home buyers an incentive as the fall season rolls around.