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BMO Bank of Montreal Changes Mortgage Rates

BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective November 17, 2006. The new rates are:

Fixed Rates:

To:

Change:

6 month open

8.20%

0.00%

6 month convertible

6.40%

0.00%

1 year open

8.55%

0.00%

1 year closed

6.40%

0.00%

2 year

6.50%

0.00%

3 year

6.50%

-0.05%

4 year

6.50%

-0.05%

5 year

6.55%

-0.05%

6 year

6.60%

-0.10%

7 year

6.90%

-0.05%

10 year

7.25%

-0.05%

18 year open

8.75%

0.00%

(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)

The Five-Year Protected Variable Rate ceiling changes to 6.55%.

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