News Releases
BMO Bank of Montreal Increases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective March 21, 2003. The new rates are:
| Fixed Rates: | To: | Change: |
| 6 month open | 6.60% | 0.25% |
| 6 month convertible | 5.95% | 0.25% |
| 1 year open | 6.60% | 0.25% |
| 1 year closed | 5.35% | 0.25% |
| 2 year | 5.85% | 0.25% |
| 3 year | 6.25% | 0.25% |
| 4 year | 5.55% | 0.20% |
| 5 year | 6.85% | 0.25% |
| 7 year | 6.25% | 0.26% |
| 10 year | 8.15% | 0.25% |
| 18 year open | 8.25% | 0.25% |
(The interest on fixed rate mortgages compounds semi-annually, not in advance.)
Variable rates are as follows:
| Variable Rates: | To: | Change: |
| 3 year open | 4.750% | 0.00 % |
| 6 year Below Prime | 4.375% | 0.00 % |
| 5 year protected | 4.650% | 0.00 % |
The cap on the five-year Protected Variable Rate Mortgage increases from 6.60% to 6.85%.
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