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Mortgage wars heat up as BMO offers variable rate at biggest discount ever Bank of Montreal is wooing homebuyers with a variable mortgage rate with the biggest discount ever by a large Canadian bank, according to one market watcher.
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BMO offers record variable discount as mortgage wars heat up. The Toronto-based bank known for its spring mortgage specials is offering a five-year variable rate of 2.45 percent until the end of May — 1 percentage point below its prime rate. The special marks the biggest widely advertised discount ever by Canada’s six biggest banks, RateSpy.com founder Robert McLister said.
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