News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective January 24, 2004. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.70% |
-0.05% |
|
6 month convertible |
5.30% |
0.00% |
|
1 year open |
6.55% |
-0.15% |
|
1 year closed |
4.25% |
-0.15% |
|
2 year |
4.80% |
-0.25% |
|
3 year |
5.40% |
-0.15% |
|
4 year |
5.85% |
-0.15% |
|
5 year |
6.05% |
-0.10% |
|
6 year |
5.40% |
-0.10% |
|
7 year |
7.10% |
-0.10% |
|
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.)
Variable rates are as follows:
|
Variable Rates: |
To: |
Change: |
|
3 year open |
4.250% |
0.00% |
|
6 year Below Prime |
3.875% |
0.00% |
|
5 year Protected |
4.150% |
0.00% |
The cap on the five-year Protected Variable Rate Mortgage decreases from 6.15% to 6.05%.
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