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We just need to see some stabilization in the interest rates, says BMO's John KimDefine BMO prime rate. the rate of interest announced or otherwise established by Bank of Montreal from time to time as its prime commercial rate. BMO Prime Mortgage Rate is %. Special Rates. Bring out the calculator. Find some help estimating your mortgage payments, how much you can afford and more. BMO Decreases US$ Prime Lending Rate to.