BMO joins RBC, TD in cutting five-year fixed mortgage rate
The Bank of Montreal is following the lead of other big banks in cutting its five-year fixed mortgage rate.
BMO lowered its rate by 15 basis points from 3.89 per cent to 3.74 per cent.
Royal Bank of Canada was the first of the big Canadian banks to lower its rate last week, followed by Toronto-Dominion Bank.
The moves were widely expected after a fall in five-year bond yields.
The remaining banks are expected to follow suit.