News Releases
BMO Bank of Montreal Increases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective August 15, 2003. The new rates are:
| Fixed Rates: | To: | Change: |
| 6 month open | 6.60 % | 0.00 % |
| 6 month convertible | 5.45 % | 0.00 % |
| 1 year open | 6.55 % | 0.00 % |
| 1 year closed | 4.55 % | 0.00 % |
| 2 year | 5.00 % | 0.00 % |
| 3 year | 5.80 % | 0.15 % |
| 4 year | 5.30 % | 0.20 % |
| 5 year | 6.51 % | 0.16 % |
| 7 year | 6.20 % | 0.10 % |
| 10 year | 7.99 % | 0.00 % |
| 18 year open | 8.60 % | 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 | 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 6.35% to 6.51%.
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