News Releases
BMO Bank of Montreal Changes Mortgage Rates
BMO Bank of Montreal today announced it is changing variable and fixed residential mortgage rates effective April 16, 2003. The new rates are:
| Fixed Rates: | To: | Change: |
| 6 month open | 6.60% | 0.00 % |
| 6 month convertible | 5.95% | 0.00 % |
| 1 year open | 6.60% | 0.00 % |
| 1 year closed | 5.35% | 0.00 % |
| 2 year | 5.85% | 0.00 % |
| 3 year | 6.25% | 0.00 % |
| 4 year | 5.55% | 0.00 % |
| 5 year | 6.75 % | -0.10 % |
| 7 year | 6.25% | 0.00 % |
| 10 year | 8.15% | 0.00 % |
| 18 year open | 8.25% | 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 | 5.000 % | 0.25 % |
| 6 year Below Prime | 4.625 % | 0.25 % |
| 5 year protected | 4.900% | 0.25 % |
The cap on the five-year Protected Variable Rate Mortgage decreases from 6.85% to 6.75%.
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