News Releases
BMO Bank of Montreal Changes Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective May 8, 2004. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.40% |
0.00% |
|
6 month convertible |
5.00% |
0.00% |
|
1 year open |
6.50% |
0.10% |
|
1 year closed |
4.30% |
0.10% |
|
2 year |
4.95% |
0.15% |
|
3 year |
5.75% |
0.20% |
|
4 year |
6.10% |
0.15% |
|
55 month |
5.70% |
0.20% |
|
5 year |
6.40% |
0.25% |
|
6 year |
6.65% |
0.15% |
|
7 year |
7.40% |
0.15% |
|
10 year |
8.05% |
0.15% |
|
18 year open |
9.10% |
0.15% |
(The interest on fixed rate mortgages compounds semi-annually, not in advance.)
Variable rates are as follows:
|
Variable Rates: |
To: |
Change: |
|
3 year open |
3.750% |
0.00% |
|
6 year Below Prime |
3.375% |
0.00% |
|
5 year Protected |
3.650% |
0.00% |
The cap on the five-year Protected Variable Rate Mortgage increases from 6.15% to 6.40%.
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