News Releases
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.)
-30-
