BMO fixed mortgage rates give you predictability over the course of your mortgage term, since your rates are locked in (or “fixed”) for the length of the term. With 8 closed fixed terms to choose from, plus the option of a 6-month convertible mortgage, you have plenty of flexibility when it comes to choosing your term length.
The best part is BMO has one of the longest rate protection guarantees in Canada – 130 days instead of the standard 120 days. You’ll also get access to BMO’s special Smart Fixed rates, which help you pay off your mortgage sooner.
BMO closed fixed rate mortgage features
So what does BMO have to offer Canadians when it comes to fixed mortgages?
Why You Want It
Pre-approval available online + Get an extra long 130-day rate guarantee.
Special Features
- Smart fixed rates available
Provinces
ALL
Mortgage Rates
Fixed Closed
1 Year
6.09%
2 Years
5.39%
3 Years
6.05%
4 Years
5.99%
5 Years
6.09%
6 Years
6.29%
7 Years
6.4%
10 Years
6.8%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
130
Bank Prime Rate
4.7%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
BMO closed fixed rate mortgage product rating: 4.6 stars
BMO’s fixed mortgages offer plenty of options when it comes to term length, helping you get some flexibility even in a fixed rate product. You also get plenty of bonus features, like the option for Smart Fixed rates and one of the longest rate guarantees in Canada.
The downside is their rates are mediocre at best, so if your #1 priority is saving money – you may want to go elsewhere. Their limited time offers are also ambiguous on their website, with no indication of how long they’ll be available for and how long you’ll get the rates if you qualify.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of BMO closed fixed rate mortgage
So what is there to love about BMO’s fixed mortgages?
Pros
Reputation of a big bank
If you want to make sure you’re in good hands, going with a big Canadian bank like BMO can help soothe some of that worry. This is especially true if you already bank with BMO, since you likely have an established relationship with the bank and maybe even some of the employees at your local branch. Considering BMO’s broad reach in terms of branches across the country, there’s likely a mortgage specialist you can speak to face-to-face at a branch near you.
One of the longest rate guarantees in Canada
If you see a rate you want to capitalize on but aren’t quite ready to seal the deal, BMO offers their rate guarantee for 130 days. At 10 days longer than the standard guarantee in Canada, this gives you plenty of time to find your perfect home.
Get pre-approved online
When applying for a BMO mortgage, you can actually get pre-approved online and receive super-fast confirmation – it takes less than 10 minutes, according to the BMO site. Not only is this convenient, it means locking in that rate for 130 days is even easier.
The cons of BMO closed fixed rate mortgage
And here are a couple things to keep in mind.
Cons
Average (or slightly above average) rates
When you compare BMO’s fixed mortgage rates against other big bank competitors, there’s nothing really to be impressed about – their rates are usually the same or even slightly higher.
Limited time offers with no specified end date
The first thing you’ll see when you go to the BMO mortgage rates page is their limited time offers. While offering some impressive rates, not a lot of other information is provided – like how long you have to take advantage. Instead, you’re prompted to get in touch with an agent.
Your mortgage calculator
Want to know what your monthly mortgage payments would be at one of BMO’s fixed mortgage rates?
Plug in your numbers below for a quick calculation:
Mortgage Information
BMO closed fixed rate mortgage alternatives
Here’s how BMO’s fixed mortgage rates stack up against 3 other Canadian banks.
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO Closed Fixed Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | TD Closed Variable Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Pre-approval available online + Get an extra long 130-day rate guarantee. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Competitive rates + Flexible payment terms + Trusted national bank. |
| Mortgage Rates | Fixed Closed
| Fixed Closed
| Fixed Closed
| Variable Closed
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Variable Closed |
| Pre-approval | | | | |
| Rate Guarantee (days) | 130 | 150 | 120 | 120 |
| Bank Prime Rate | 4.7% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | See Issuer for Details |
Show More | ||||
| See rates & details See more BMO products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more TD products Compare |
* Please note that mortgage rates change often and these numbers are included for demonstration only. Refer to the websites themselves for the most up-to-date information.
FAQ
What’s BMO’s 5 year fixed mortgage rate?
BMO’s current 5 year fixed mortgage rate is 6.09%. To see the rest of BMO’s mortgage rates, click here.
What is a BMO smart fixed mortgage?
A smart fixed mortgage helps you pay off your mortgage sooner by giving you the option of increasing your payments by 10% and making a lump sum payment of 10% each year. The rates are also usually slightly lower than the standard rates. To see more of what BMO has to offer, click here.
What are the benefits of getting a mortgage with BMO?
The major benefit of getting a mortgage with BMO is that they’re a reputable, wide-spread bank in Canada. That means you can trust them with such a huge loan, plus you’re more likely to have an easy-to-access branch near you for some one-on-one discussion. Click here to read more about the pros of getting your mortgage with BMO.
What’s the best BMO fixed mortgage rate?
Currently, the best fixed mortgage rate at BMO is 5.99% for a 5 year smart fixed mortgage. But please be aware that rates change all the time, so may not be available anymore. Click here to read more about BMO’s fixed mortgages.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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