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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 May 28, 2003. The new rates are:

Fixed Rates: To: Change:
6 month open 6.60 % 0.00 %
6 month convertible 5.85 % 0.00 %
1 year open 6.50 % 0.00 %
1 year closed 5.05 % -0.20 %
2 year 5.45 % 0.00 %
3 year 5.60 % -0.10 %
4 year 4.99 % 0.00 %
5 year 6.15 % -0.04 %
7 year 5.69 % -0.10 %
10 year 7.60 % 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 % 0.00 %
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 6.19% to 6.15%.

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