News Releases

BMO advises prospective homebuyers to get pre-approved now to take advantage of lowest available rate until Thanksgiving

TORONTO, August 3, 2010 In preparation for what has traditionally been an active fall home buying season, BMO is advising homebuyers to take advantage of the lowest available mortgage rate by getting pre-approved ahead of time.

"BMO continues to offer the lowest rate five year mortgage available on the market, now at 3.89 per cent," said Martin Nel, Vice President, Lending and Deposit Products, BMO Bank of Montreal. "Consumers should take advantage of this opportunity by getting pre-approved to guarantee the lowest rate for 90 days, which will take them into Thanksgiving."

By getting pre-approved, customers can reduce their stress, knowing that they have up to 90 days to search for their perfect home in the ideal location while taking advantage of this great rate.

The new rates are:

Special Offers*	To:	Change:
4 year fixed closed	4.09%	-0.20%
5 year low rate fixed closed	3.89%	-0.10%
5 year fixed closed	4.19%	-0.20%
7 year fixed closed	4.95%	-0.20%
10 year fixed closed	5.05%	-0.20%

Fixed Rates:	To:	Change:
6 month fixed convertible	4.55%	-0.20%
6 month fixed open	6.45%	N/A
1 year fixed open	6.45%	N/A
1 year fixed closed	3.30%	-0.20%
2 year fixed closed	3.65%	-0.20%
3 year fixed closed	4.20%	-0.20%
4 year fixed closed	5.24%	-0.20%
5 year low rate fixed closed	5.59%	-0.20%
5 year fixed closed	5.59%	-0.20%
6 year fixed closed	5.90%	-0.20%
7 year fixed closed	6.50%	-0.20%
10 year fixed closed	6.60%	-0.20%
18 year fixed open	8.95%	N/A

The interest rate for a fixed rate mortgage is calculated half-yearly not in advance.

*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 Offer may be withdrawn or extended without notice.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.

– BMO announced today it is decreasing mortgage rates effective August 4, 2010. The bank is also lowering its special offer five year low rate fixed mortgage from 3.99 per cent to 3.89 per cent, continuing to offer the lowest rate in the market.