News Releases

BMO Bank of Montreal Lowers Mortgage Rates BMO Continues to Offer Lowest Five Year Fixed Rate

TORONTO, May 12, 2010 - BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 13, 2010.

"Mortgage rates are still near historical lows and this, combined with an expected cooling in house prices, will help support affordability for Canadians looking to purchase a home," said Sal Guatieri, Senior Economist, BMO Capital Markets.

The new rates are:

Fixed Rates:	To:	Change:
6 month fixed convertible	4.95%	-0.10%
6 month fixed open	6.45%	N/C
1 year fixed open	6.45%	N/C
1 year fixed closed	3.50%	N/C
2 year fixed closed	4.05%	-0.10%
3 year fixed closed	4.60%	-0.15%
4 year fixed closed	5.64%	-0.10%
5 year low rate fixed closed	6.10%	N/C
5 year fixed closed	6.10%	N/C
6 year fixed closed	6.30%	N/C
7 year fixed closed	6.95%	-0.05%
10 year fixed closed	7.10%	-0.10%
18 year fixed open	8.95%	N/C

Variable rates: To: Change:

3 year open 2.95% -0.10%**

5 year closed 2.10% N/C

Special Offers*

	To:	Change:
4 year fixed closed	4.49%	-0.10%
5 year low rate fixed closed	4.35%	N/C
5 year fixed closed	4.70%	N/C
7 year fixed closed	5.40%	-0.10%
10 year fixed closed	5.55%	-0.10%

**The interest rate for a fixed rate mortgage is calculated half-yearly not in advance. The APR for the 3-year variable rate (open) term is equal to our Prime Rate + 0.70%.

*These special discounted rates are not the posted rates of BMO Bank of Montreal. Rates are subject to change without notice and offers may be withdrawn or extended without notice. Refer to our website for current residential mortgage posted rates. Mortgage funds must be advanced within 90 days of the application

For further information:

For news media enquiries, please contact:

Martha McInnis, Toronto, 416-867-3996, martha.mcinnis@bmo.com

Sarah Bensadoun, Montreal, 514-877-8224, sarah.bensadoun@bmo.com