BMO Bank of Montreal today announced it is increasing residential mortgage rates, effective March 29, 2013.

The new rate is:

Fixed Rate: To: Change:
5-year low-rate fixed closed 3.09% +0.10%

"Our advice to Canadians is simple: Protect yourself from rising rates by locking in for five years and become mortgage-free faster by choosing a maximum amortization of 25 years," said Ernie Johannson, Senior Vice President, Personal Banking Canada, BMO Financial Group. "This mortgage is the responsible choice for the times."

Rates are subject to change without notice. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.

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