News Releases
TORONTO, January 28, 2010 - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective January 29, 2010.
"With spring around the corner and as we head into one of the busiest periods for home buyers, it's important that our customers get the clarity they need to make the best financial decision," said Jane Yuen, Senior Manager for Mortgages, BMO Bank of Montreal. "Come into one of our branches or talk to a BMO mortgage specialist for the best advice and get pre-approved so you're ready."
"By supporting the housing market, lower mortgage rates are providing a solid counterweight to the strong Canadian dollar's adverse impact on the economy," said Sal Guatieri, Senior Economist, BMO Capital Markets.
The new rates are:
| Fixed Rates: | To: | Change: |
|---|---|---|
| 6 month fixed convertible | 4.65% | 0.00% |
| 6 month fixed open | 6.45% | 0.00% |
| 1 year fixed open | 6.45% | -0.10% |
| 1 year fixed closed | 3.00% | 0.00% |
| 2 year fixed closed | 3.75% | 0.00% |
| 3 year fixed closed | 4.15% | -0.10% |
| 4 year fixed closed | 5.04% | -0.10% |
| 5 year fixed closed | 5.39% | -0.10% |
| 6 year fixed closed | 5.39% | -0.10% |
| 7 year fixed closed | 6.60% | 0.00% |
| 10 year fixed closed | 6.70% | 0.00% |
| 18 year fixed open | 8.95% | 0.00% |
| Variable rates: | To: | Change: |
|---|---|---|
| 5 year closed | 2.25% | 0.00% |
| 3 year open | 3.05% | 0.00% |
(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)
| Special Offers* | To: | Change: |
|---|---|---|
| 5 year (fixed/closed) | 4.09% | -0.10% |
*This special discounted rate is not the posted rate of BMO Bank of Montreal. Rate is subject to change without notice. Offer may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.
For news media inquiries, please contact:
Toronto, 416-867-3996
Montreal, 514-877-8224