News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective May 25, 2005. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.99% |
-0.06% |
|
6 month convertible |
4.70% |
-0.05% |
|
1 year open |
6.95% |
0.00% |
|
1 year closed |
4.50% |
-0.05% |
|
2 year |
4.75% |
-0.15% |
|
3 year |
5.24% |
-0.10% |
|
4 year |
5.54% |
-0.10% |
|
5 year |
5.69% |
-0.10% |
|
6 year |
6.10% |
-0.15% |
|
7 year |
5.05% |
0.00% |
|
10 year |
7.30% |
-0.15% |
|
18 year open |
8.40% |
-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 |
4.250% |
0.00% |
|
6 year Below Prime |
3.875% |
0.00% |
|
5 year Protected |
4.150% |
0.00% |
The cap on the five-year Protected Variable Rate Mortgage changes to 5.69%.
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