News Releases
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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