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BMO Mortgage Rates

Below you'll find the best mortgage rates from BMO. Be sure to compare rates between lenders to get the best product for you.

BMO Mortgage Rates

Rates updated:

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Provider5 Year fixed5 Year variable3 Year fixed

Best market rate


Prime -1.60

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Prime -0.90






Prime -0.70




Prime -1.00





Prime -0.86







Prime -0.85




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BMO: Frequently asked questions

Are BMO rates lower than other banks?

How do I get a mortgage with BMO?

Can you negotiate a mortgage rate?

Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.

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BMO mortgage rates overview

Below you'll find everything you need to start thinking about getting a mortgage from BMO.

How do BMO mortgage rates compare?

The Bank of Montreal (BMO) is competitive with Canada's other big banks. However, mortgage rates in Canada don't vary as much between banks as they do between individuals. The best way to understand what mortgage rates you will be eligible for is to compare mortgage rates between multiple lenders to see what's available.

BMO mortgage products

The Bank of Montreal offers an extensive range of mortgage options that allow combinations of variable and fixed rates, with open, closed, and convertible terms. Mortgages come in a variety of shapes and sizes. So whether you want to make a large down payment or a small one, pay off your mortgage at any time or make additional payments without penalty, or try out a short-term mortgage before committing to a long-term fixed-rate, there are many BMO mortgage rates available to suit your needs.

BMO mortgages: Open vs. closed terms

BMO mortgage rates come with an option of open, closed, or convertible terms, all three of which are defined in detail below.

BMO open mortgages

An open mortgage gives you the freedom to make extra payments, any time without penalties. You can pay off your mortgage faster as a result and save money on interest payments. If you expect your income to increase over the mortgage term, an open mortgage allows you to pay off your debt faster. However, you can expect higher interest rates than with a closed mortgage because of the inherent flexibility.

BMO closed mortgages

A closed mortgage has lower interest rates but does not generally allow additional payments without penalties. Closed mortgages are more popular, however, because they are generally accompanied by lower interest rates.

BMO convertible mortgages

A convertible mortgage is a short-term closed mortgage that allows you to convert to a longer fixed-rate term without penalty, possibly to take advantage of low-interest rates.

Open vs. closed mortgages: Feature comparison

BMO outlines the features and suitability of their open, closed and convertible mortgage options, which are summarized below:

Mortgage Type Features Suitability
Open 6-month, 1-year, and 18-year
  • Maximum flexibility
  • Prepay in full or in part at any time with no prepayment charge
  • Change to another term at any time without charge
  • Thinking of selling your home
  • Want to prepay more than 20% of your mortgage amount
  • Believe rates will decline
Convertible 6-month
  • Convert to a closed term of 1 year or longer at any time, without charge
  • Mortgage prepayments
  • Want to keep your options open
  • Want lower rates than an open mortgage of the same term
Closed 1 to 7 years, and 10-year
  • Interest rate and payments are fixed for the term you choose
  • Mortgage Prepayments
  • Want to budget with certainty
  • Want a lower rate than an open mortgage of the same term
Closed 5-year
  • Interest rate and payments are fixed for the term you choose
  • Mortgage prepayments
  • Want to budget with certainty
  • Want lower rates than a fixed-rate closed mortgage of the same term
  • Want a simple, easy to understand mortgage with a low rate

Accessing BMO mortgage rates

The tables above show the most up to date rate BMO has published. To apply for a mortgage with BMO, you can either contact the bank directly or use a BMO authorized mortgage broker. Using a mortgage broker gives you the added benefit of being able to compare mortgage rates and products between different lenders, as well as the chance to speak to an independent mortgage expert.

BMO mortgage pre-approval

Getting a pre-approval is fast, easy, and free, and lets you know how much you're likely to be able to borrow and at what rate. A pre-approval will hold the rate you qualify for today for up to four months, so it's worth getting one before you start house hunting. You can begin the pre-approval process by contacting BMO or a mortgage broker.

BMO mortgage application checklist

The following outlines the sort of information you should have on hand to fill out the BMO mortgage application and obtain your BMO mortgage rate:

  • Your monthly income (before taxes)
  • Your monthly housing expenses or rent
  • The value of any vehicles, properties, investments, or savings you may have
  • The balances and monthly payments of your mortgage (including property taxes), credit cards/lines of credit or loans
  • Financial information for your joint applicant, if applicable

Compare other BMO products

BMO offers various BMO credit cards, including rewards cards and low-interest cards, as well as BMO GICs, available in a variety of terms.

More on the Bank of Montreal

Established in 1817 and based in Canada, BMO Financial Group serves more than 10 million personal, commercial, corporate, and institutional North American and international customers. Its operating groups share one vision: to be the bank that defines great customer experience.

Author bio

Jamie David

Jamie David is the Business Director of Mortgages at A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.


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How are CanWise Financial and connected?

Both and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.

We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.