News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing its variable mortgage rates effective March 3, 2004. The new rates are:
| Variable Rates: |
To:
|
Change:
|
| 3 year open |
4.000%
|
-0.25% |
| 6 year Below Prime | 3.625% | -0.25% |
| 5 year Protected | 3.900% | -0.25% |
The cap on the five-year protected variable rate mortgage is 5.80%.
Fixed mortgage rates are as follows:
| Fixed Rates: | To: | Change: |
| 6 month open | 6.70% | 0.00% |
| 6 month convertible | 5.15% | 0.00% |
| 1 year open | 6.55% | 0.00% |
| 1 year closed | 4.25% | 0.00% |
| 2 year | 4.65% | 0.00% |
| 3 year | 5.20% | 0.00% |
| 4 year | 5.60% | 0.00% |
| 55 month | 5.20% | 0.00% |
| 5 year | 5.80% | 0.00% |
| 6 year | 6.45% | 0.00% |
| 7 year | 6.95% | 0.00% |
| 10 year | 7.60% | 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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