News Releases
BMO Bank of Montreal Decreases Mortgage Rates
BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective June 7, 2005. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.99% |
0.00% |
|
6 month convertible |
4.70% |
0.00% |
|
1 year open |
6.85% |
-0.10% |
|
1 year closed |
4.40% |
-0.10% |
|
2 year |
4.60% |
-0.15% |
|
3 year |
5.09% |
-0.15% |
|
4 year |
5.39% |
-0.15% |
|
5 year |
5.54% |
-0.15% |
|
6 year |
5.95% |
-0.15% |
|
7 year |
4.89% |
-0.16% |
|
10 year |
7.15% |
-0.15% |
|
18 year open |
8.25% |
-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 5.54%.
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