News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective January 14, 2004. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.75% |
-0.15% |
|
6 month convertible |
5.30% |
-0.15% |
|
1 year open |
6.70% |
-0.15% |
|
1 year closed |
4.40% |
-0.15% |
|
2 year |
5.05% |
-0.15% |
|
3 year |
5.65% |
-0.15% |
|
4 year |
6.00% |
-0.15% |
|
5 year |
6.20% |
-0.15% |
|
6 year |
5.60% |
0.00% |
|
7 year |
7.20% |
-0.10% |
|
10 year |
7.75% |
-0.15% |
|
18 year open |
8.75% |
-0.15% |
(The interest on fixed rate mortgages compounds semi-annually, not in advance.)
Variable rates are as follows:
|
Variable Rates: |
To: |
Change: |
|
3 year open |
4.500% |
0.00% |
|
6 year Below Prime |
4.125% |
0.00% |
|
5 year Protected |
4.400% |
0.00% |
The cap on the five-year Protected Variable Rate Mortgage decreases from 6.35% to 6.20%.
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