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BMO Bank of Montreal Changes Mortgage Rates  

BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective May 26, 2004. The new rates are:

Fixed Rates:

To:

Change:

6 month open

6.55%

0.15%

6 month convertible

5.05%

0.05%

1 year open

6.65%

0.15%

1 year closed

4.45%

0.15%

2 year

5.10%

0.15%

3 year

5.80%

0.05%

4 year

6.25%

0.15%

55 month

5.80%

0.10%

5 year

6.50%

0.10%

6 year

6.90%

0.25%

7 year

7.50%

0.10%

10 year

8.10%

0.05%

18 year open

9.15%

0.05%

(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 6.40% to 6.50%.

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