News Releases
BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective March 24, 2008. The new rates are:
|
Fixed Rates: |
To: |
Change: |
|
6 month open |
8.80% |
-0.10% |
|
6 month convertible |
7.00% |
-0.10% |
|
1 year open |
9.30% |
-0.10% |
|
1 year closed |
7.15% |
-0.10% |
|
2 year |
7.20% |
-0.10% |
|
3 year |
7.20% |
-0.10% |
|
4 year |
7.04% |
-0.15% |
|
5 year |
7.19% |
-0.10% |
|
6 year |
7.35% |
-0.10% |
|
7 year |
7.55% |
-0.10% |
|
10 year |
7.90% |
-0.10% |
|
18 year open |
9.20% |
0.00% |
(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)
The Five-Year Protected Variable Rate ceiling changes to 7.19%.
Special Offers*
To:
|
Change:
|
|
3 year (fixed/closed)
|
6.13%
|
-0.10%
|
5 year (fixed/closed)
|
6.13%
|
-0.10%
|
7 year (fixed/closed)
|
6.28%
|
-0.10%
|
Homeowner ReadiLine�
5-year variable rate closed term
|
5.00%
|
0.00%
|
*These special discounted rates are not the posted rates of BMO Bank of Montreal. Rates are subject to change without notice. Offer may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.
“While there are many different strategies available to home buyers today, the most important thing a customer can do is talk to a knowledgeable mortgage expert who can help them look beyond the traditional mortgage products,” said Lynne Kilpatrick, Senior Vice President, Personal Banking, BMO Bank of Montreal. “After all, the world has changed since our parents and grandparents bought their first house and so have our mortgage options.”
"While housing is becoming less affordable, mainly because of rising prices, the recent move to lower rates will help make buying a home more attainable," said Michael Gregory, Senior Economist, BMO Capital Markets. "Although BMO Economics expects increase in home prices to continue to cool, the housing market in Canada remains fundamentally sound."
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