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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 October 7, 2004. The new rates are:

Fixed Rates:

To:

Change:

6 month open

7.05%

0.05%

6 month convertible

4.85%

-0.65%

1 year open

7.10%

  0.00%

1 year closed

4.90%

0.10%

2 year

5.30%

0.10%

3 year

5.85%

0.05%

4 year

6.20%

0.10%

5 year

6.39%

0.10%

6 year

6.85%

0.10%

7 year

7.35%

  0.00%

10 year

7.90%

0.05%

18 year open

8.80%

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

4.000%

0.00%

6 year Below Prime

3.625%

0.00%

5 year Protected

3.900%

0.00%

The cap on the five-year Protected Variable Rate Mortgage is revised from 6.29% to 6.39%.

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