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BMO Says Lock In Now

BMORoughly 33% of Canadians surveyed “complained they have lost sleep due to the stress of trying to buy a new home.” That’s according to a BMO survey.

To ease the anxiety, BMO is “advising Canadians to lock-in now.”

BMO is keeping its 3.75% “low frills” 5-year fixed rate live for the time being. No word on when it will expire.

There aren’t many 5-year rates below 3.75% left. Most other lenders are now above 4% on a 5-year fixed.


Survey Details: The Harris/Decima online poll was conducted from February 16th to 22nd, 2010 and is based on a sample of 1,000 Canadians between the ages of 25-45 years, who are either current home owners (who currently have a mortgage on their home and needed one when they purchased their home) or are planning on purchasing their first home in the next 12 months, and at least share in their household's financial decisions.