Today’s Best BMO Mortgage Rates
BMO mortgage rates tend to be competitive with those at other Big Six banks. BMO’s prime rate is 4.95%.Current posted mortgage rates at BMO
Term | Rate | APR |
|---|---|---|
6-month (fixed, open) | 9.85% | 10.03% |
1-year (fixed, open) | 9.85% | 9.94% |
1-year (fixed, closed) | 6.09% | 6.18% |
2-year (fixed, closed) | 5.39% | 5.43% |
3-year (fixed, closed) | 6.05% | 6.08% |
3-year (variable, open) | 6.65% | 6.68% |
4-year (fixed, closed) | 5.99% | 6.01% |
5-year (fixed, closed) | 6.09% | 6.11% |
5-year (variable, closed) | 4.95% | 4.97% |
5-year (Smart Fixed) | 5.99% | 6.01% |
6-year (fixed, closed) | 6.29% | 6.31% |
7-year (fixed, closed) | 6.40% | 6.41% |
10-year (fixed, closed) | 6.80% | 6.81% |
10-year (Smart Fixed) | 6.70% | 6.71% |
Rates are for mortgages with amortizations of 25 years or less. Source: www.bmo.com.
Current discounted mortgage rates at BMO
Term | Rate | APR |
|---|---|---|
5-year Smart Fixed (closed) | 4.64% | 4.66% |
5-year Smart Fixed (insured) | 4.39% | 4.41% |
5-year variable (closed) | 4.65% | 4.67% |
Rates are for mortgages with amortizations of 25 years or less. Source: www.bmo.com.
BMO mortgage rates available at a broker
Mortgage brokers may offer rates that are lower than a bank's posted or discounted rates.
BMO prime rate
BMO's prime rate is 4.95%. It has remained unchanged since March 2025.
BMO’s prime rate is the basis for its variable-rate lending products, like mortgages, credit cards and lines of credit. When the Bank of Canada adjusts its overnight rate, BMO’s prime rate increases or decreases by the same amount, affecting the cost of borrowing for these products.
Crunch the numbers with our mortgage calculators
BMO mortgage products
In addition to providing traditional mortgage products, including fixed- and variable-rate loans that may be structured as either open or closed, BMO also offers:
BMO mortgages: A detailed breakdown
Posted rates vs. special rates
Large lenders like BMO often provide two sets of current mortgage rates: posted rates and special, or discounted, rates.
BMO posted mortgage rates
BMO’s posted rates are the pre-discounted mortgage rates the bank makes publicly available. Posted rates can be much higher than discounted rates, with the expectation that borrowers will negotiate them down.
There are various theories around why this is the case at major lenders. Some lending experts believe it’s to make borrowers feel a sense of satisfaction at getting a better deal, others wonder if a higher posted rate allows banks to charge stiffer penalties if a person breaks their mortgage contract.
If you’re offered a posted rate when you first walk into a BMO branch, consider it the beginning of a negotiation — and a great reason to compare offers from other lenders.
BMO special rates
Special rates are BMO’s posted rates that have already been discounted, including limited time offers. Under most circumstances, a special rate will be more in line with the rate you’re actually offered.
Even if you’re offered a special mortgage rate at BMO, don’t be afraid to try and negotiate a lower one.
Fixed vs. variable mortgage rates
When you get a mortgage from a lender like BMO, you’ll have to make an important choice between a fixed or variable mortgage rate.
Fixed mortgage rates
With a fixed-rate mortgage, your interest rate will remain the same for the duration of your mortgage term. If BMO offers you a 4% five-year fixed mortgage rate in 2025, for example, your rate won’t change until it’s time to renew your mortgage in 2030.
A fixed mortgage interest rate allows you to budget around a predictable monthly mortgage payment for years at a time. But if fixed rates fall during your mortgage term, the only way to take advantage is by breaking your mortgage contract and refinancing at a lower rate. Doing so can trigger steep mortgage prepayment penalties.
Variable mortgage rates
If you opt for a variable rate on your BMO mortgage, the rate could rise or fall many times during your term. When it rises, more of your monthly mortgage payment will go toward interest; when it falls, more will go toward the principal.
Variable mortgage rates have generally been lower than fixed rates. But in times of high inflation, when variable rates are driven upward by increases to lenders’ prime rates, variable rates can put unexpected pressure on your finances.
From March 2022 to July 2023, for example, homeowners with variable-rate mortgages saw their rates increase 475 basis points. Since one basis point is equal to 0.01%, that means a borrower who secured a variable rate of 2.25% in January of 2022 would be paying 7% in July 2023. That’s not a common occurrence, but it highlights the risk of taking out a variable-rate mortgage during times of economic uncertainty.
Open vs. closed mortgages
Another consideration when getting a mortgage at BMO is whether to choose an open or closed mortgage.
With an open mortgage, you can increase your mortgage payments or even pay your mortgage in full at any time without penalty. A closed mortgage will impose annual limits on how much you can prepay your mortgage.
Choosing between open and closed mortgages is often a matter of cost. Open mortgages tend to come with much higher interest rates.
Convertible mortgages
If you’re unsure how long you’d like a mortgage contract to last, you can also consider a convertible mortgage. BMO offers a six-month, closed convertible mortgage that can be extended to a longer term at any time without incurring a prepayment penalty.
A convertible mortgage can be a helpful option if you expect mortgage rates to fall in the near future. If rates decline to a level you’re satisfied with, you can lock in for several years and pay less in interest.
Rate vs. APR
When investigating BMO’s mortgage rates or comparing them to rates from other lenders, it’s best to use the annual percentage rate (APR) provided rather than the interest rate itself.
APR includes any other fees that might be added to the cost of your mortgage, and gives you a more accurate figure with which to calculate your potential mortgage costs.
How to get the best mortgage rate at BMO
As one of Canada’s federally regulated A lenders, BMO follows the country’s strict lending guidelines. Convincing the bank to offer you the best mortgage rates might require a little effort on your part, including:
Raising your credit score. A high credit score generally means less risk for lenders like BMO and makes it easier for them to offer you a lower mortgage rate.
Making a larger down payment. Making a significant down payment shows lenders you prioritize home ownership and allows them to loan you less money. Both scenarios mean less risk for BMO, which could mean a lower mortgage rate for you.
Lowering your debt service ratios. If your debt service ratios are high, it signals to lenders that too much of your income is already going toward paying down debt.
Shopping around. BMO may not offer you the best mortgage rate. Take a look at the rates other lenders are advertising to find out which one is the right fit.
Negotiating: Don’t be afraid to ask a BMO mortgage specialist if they can improve on the rate they’ve offered you. Let them know that you'll see what other lenders are offering before making a final decision.
Getting pre-approved for a mortgage at BMO
Getting pre-approved for a mortgage is a crucial step in the home buying process. A pre-approval tells you how much a lender is willing to loan you at a particular interest rate. This establishes your home buying budget and lets homeowners know that your offer — so long as it falls within the limits of your pre-approval — is legit.
The mortgage pre-approval process at BMO involves providing all the documents the bank requires for evaluating your finances. This might include:
Banking information that confirms your assets and down payment savings.
Pay stubs that demonstrate your income.
Information related to any debts you have.
The mortgage pre-approval process at BMO will also include a hard credit inquiry, which allows the bank to assess your credit score and review your credit history. Hard inquiries may lead to a temporary dip in your credit score.
How to start a mortgage pre-approval at BMO
You can start the pre-approval process online or in person with a BMO mortgage specialist. Because a pre-approval is intended to be thorough and actionable, plan to set aside some time to talk over the results with the specialist you’ve been assigned. Ideally, they’ll provide a few options to choose from.
What else should you know about pre-approvals at BMO?
When weighing those options, make sure you understand the fees, terms and conditions involved with each mortgage offer, including any prepayment privileges (and prepayment penalties). Getting clarity around these factors during pre-approval can make the next step — officially applying for a mortgage once you’ve made a successful bid on a home — go more smoothly.
Mortgage pre-approvals are free and non-binding. Just because you get pre-approved at BMO doesn’t mean you can’t get your mortgage elsewhere. But if you’re pre-approved at BMO and then decide to work with a different lender, you’ll have to go through the pre-approval process again.
Frequently asked questions
What is BMO’s prime rate today?
What is BMO’s prime rate today?
BMO’s prime rate is currently 4.95%.
Can you negotiate your mortgage rates at BMO?
Can you negotiate your mortgage rates at BMO?
You can — and should — negotiate your mortgage rate at BMO. When you first apply for a mortgage, BMO may not offer you the lowest rate possible, so it’s always advisable to ask for a lower one. Even if you’re only able to reduce the cost of your mortgage by a little, the money you save can be put toward a better use.
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Clay Jarvis
Clay Jarvis