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BMO Bank of Montreal Decreases Mortgage Rates  

 

BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective January 11, 2003. The new rates are:

Fixed Rates: To: Change:
6 month open 5.95 % 0.00 %
6 month convertible 5.55 % 0.00 %
1 year open 5.95 % 0.00 %
1 year closed 4.90 % 0.00 %
2 year 5.60 % 0.00 %
3 year 6.00 % 0.00 %
4 year 5.20 % -0.25 %
5 year 6.45 % -0.25 %
7 year 7.35 % -0.20 %
10 year 7.90 % -0.30 %
18 year open 7.90 % 0.00 %

(The interest on fixed rate mortgages compounds semi-annually, not in advance.)

Variable rates are as follows:

Variable Rates: To: Change:
3 year open 4.500 % 0.00 %
6 year Below Prime 4.125 % 0.00 %
5 year protected 4.400 % 0.00 %

The cap on the five-year Protected Variable Rate Mortgage decreases from 6.70% to 6.45%.

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