News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing its variable mortgage rates effective April 14, 2004. The new rates are:
|
Variable Rates: |
To: |
Change: |
|
3 year open |
3.750% |
-0.25% |
|
6 year Below Prime |
3.375% |
-0.25% |
|
5 year Protected |
3.650% |
-0.25% |
The cap on the five-year protected variable rate mortgage is 5.95%.
Fixed mortgage rates are as follows:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.55% |
0.00% |
|
6 month convertible |
5.00% |
0.00% |
|
1 year open |
6.40% |
0.00% |
|
1 year closed |
4.10% |
0.00% |
|
2 year |
4.65% |
0.00% |
|
3 year |
5.30% |
0.00% |
|
4 year |
5.70% |
0.00% |
|
55 month |
5.30% |
0.00% |
|
5 year |
5.95% |
0.00% |
|
6 year |
6.30% |
0.00% |
|
7 year |
7.05% |
0.00% |
|
10 year |
7.70% |
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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