News Releases
TORONTO, March 18, 2009 – BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective March 19, 2009.
“Lower prices and prior reductions in mortgage rates have already led to the best housing affordability in four years,” said Sal Guatieri, Senior Economist, BMO Capital Markets. “Today's move can only enhance affordability for Canadians.”
“We are here to make your mortgage make sense. Come in and talk to a financial expert or book an appointment with a mobile Mortgage Specialist at a time that fits your schedule. We can provide clarity around topics such as making your first home purchase or choosing between a fixed or variable rate mortgage,” said Jane Yuen, Senior Manager, Mortgages, BMO Bank of Montreal.
The new rates are:
| Fixed Rates: | To: |
Change: |
| 6 month fixed convertible | 5.20% |
0.00% |
| 6 month fixed open | 7.00% |
0.00% |
| 1 year fixed open | 7.45% |
0.00% |
| 1 year fixed closed | 4.35% |
0.00% |
| 2 year fixed closed | 4.55% |
0.00% |
| 3 year fixed closed | 4.65% |
0.00% |
| 4 year fixed closed | 5.44% |
0.00% |
| 5 year fixed closed | 5.55% |
-0.24% |
| 6 year fixed closed | 7.00% |
0.00% |
| 7 year fixed closed | 7.00% |
0.00% |
| 10 year fixed closed | 7.15% |
0.00% |
| 18 year fixed open | 8.95% |
0.00% |
| Fixed Rate Special Offer*: | To: |
Change: |
| 5 Years (fixed/closed) | 4.25% |
-0.24% |
(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)
*This special discounted rate is not the posted rate 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 Offer may be withdrawn or extended without notice.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.
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