News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing its variable mortgage rates effective July 16, 2003. The new rates are:
|
Variable Rates: |
To: |
Change: |
|
3 year open |
4.750% |
-0.25% |
|
6 year Below Prime |
4.375% |
-0.25% |
|
5 year Protected |
4.650% |
-0.25% |
The cap on the five-year protected variable rate mortgage is 6.20%.
Fixed mortgage rates change as follows:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.60% |
0.00% |
|
6 month convertible |
5.85% |
0.00% |
|
1 year open |
6.45% |
0.00% |
|
1 year closed |
4.85% |
0.00% |
|
2 year |
5.20% |
0.00% |
|
3 year |
5.80% |
0.00% |
|
4 year |
5.10% |
0.00% |
|
5 year |
6.20% |
0.00% |
|
7 year |
5.90% |
0.00% |
|
10 year |
7.80% |
0.00% |
|
18 year open |
8.40% |
0.00% |
(The interest on fixed rate mortgages compounds semi-annually, not in advance.)
-30-