News Releases

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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