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BMO Bank of Montreal Decreases Mortgage Rates  

BMO Bank of Montreal today announced it is changing its variable mortgage rates effective January 21, 2004. The new rates are:

Variable Rates:

To:

Change:

3 year open

4.250%

-0.25%

6 year Below Prime

3.875%

-0.25%

5 year Protected

4.150%

-0.25%


The cap on the five-year protected variable rate mortgage is 6.15%.

Fixed mortgage rates are as follows:

Fixed Rates:

To:

Change:

6 month open

6.75%

0.00%

6 month convertible

5.30%

0.00%

1 year open

6.70%

0.00%

1 year closed

4.40%

0.00%

2 year

5.05%

0.00%

3 year

5.55%

0.00%

4 year

6.00%

0.00%

5 year

6.15%

0.00%

6 year

5.50%

0.00%

7 year

7.20%

0.00%

10 year

7.75%

0.00%

18 year open

8.75%

0.00%

(The interest on fixed rate mortgages compounds semi-annually, not in advance.)

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