News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing its variable mortgage rates effective September 4, 2003. The new rates are:
| Variable Rates: | To: | Change: |
| 3 year open | 4.500 % | -0.25 % |
| 6 year Below Prime | 4.125 % | -0.25 % |
| 5 year protected | 4.400 % | -0.25 % |
The cap on the five-year protected variable rate mortgage is 6.55%.
Fixed mortgage rates change as follows:
| 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 | 5.10 % | 0.00 % |
| 3 year | 5.90 % | 0.00 % |
| 4 year | 5.40 % | 0.00 % |
| 5 year | 6.55 % | 0.00 % |
| 6 year | 5.70 % |
0.00 % |
| 7 year | 7.55 % | 0.00 % |
| 10 year | 6.50 % | 0.00 % |
| 18 year open | 8.60 % | 0.00 % |
(The interest on fixed rate mortgages compounds semi-annually, not in advance.)
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