News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective May 23, 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 | 5.55 % | -0.15 % |
| 3 year | 5.80 % | -0.10 % |
| 4 year | 5.09 % | -0.10 % |
| 5 year | 6.29 % | -0.10 % |
| 7 year | 5.89 % | -0.10 % |
| 10 year | 7.80 % | -0.10 % |
| 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 % | 0.00 % |
| 6 year Below Prime | 4.625 % | 0.00 % |
| 5 year protected | 4.900 % | 0.00 % |
The cap on the five-year Protected Variable Rate Mortgage decreases from 6.39% to 6.29%.
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