News Releases
BMO Bank of
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
6.99% |
0.00% |
|
6 month convertible |
4.70% |
0.00% |
|
1 year open |
6.85% |
0.00% |
|
1 year closed |
4.40% |
0.00% |
|
2 year |
4.60% |
0.00% |
|
3 year |
4.99% |
-0.10% |
|
4 year |
5.34% |
-0.05% |
|
5 year |
5.44% |
-0.10% |
|
6 year |
5.85% |
-0.10% |
|
7 year |
6.45% |
-0.10% |
|
10 year |
7.15% |
0.00% |
|
18 year open |
8.25% |
0.00% |
(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 decreases to 5.44%.
Commenting on the changes in mortgage rates, Paul Ferley, Assistant Chief Economist, BMO Financial Group noted “housing affordability remains very attractive compared to conditions over the past couple of decades.
"Low mortgage rates are keeping housing very affordable."
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Paul Ferley, Assistant Chief Economist, BMO Financial Group, says housing affordability remains very attractive compared to conditions over the past couple of decades.