As the Bank of Canada and the federal finance minister raise continued concerns about high debt levels, analysts say interest rates in Canada are going nowhere -except perhaps down.

Bank of Montreal has cut its five-year mortgage rate to 2.99 per cent .The amortization period on the loan is 25 years.

The rate cut is  leading to speculation other major Canadian banks may follow suit.

The move comes amid signs mortgage debt growth is slowing, a trend that could also slow bank profits this year.

BMO says its rate cut meets finance minister Jim Flaherty’s objectives… by allowing Canadians to pay off their debt loads sooner.