News Releases
TORONTO, ONTARIO--(Marketwire - June 3, 2011) - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective June 4, 2011.
Michael Gregory, Senior Economist at BMO Capital Markets, said: "Interest rates are near historic lows, and prospects for the Bank of Canada to raise interest rates is being pushed back to later this year. These factors combined are providing more opportunities for those looking to buy a home."
The rate changes announced today include BMO's five-year fixed low-rate mortgage with a maximum 25-year amortization and the BMO Eco Smart mortgage, both of which can help save homeowners thousands of dollars over time and become mortgage free faster.
The new rates are:
| Special Offers* | To: | Change: | ||
| 4 year fixed closed | 4.09 | % | -0.20 | % |
| 5 year Eco Smart fixed closed ™ | 3.79 | % | -0.10 | % |
| 5 year fixed closed | 4.14 | % | -0.10 | % |
| 7 year fixed closed | 4.94 | % | -0.10 | % |
| 10 year fixed closed | 5.14 | % | -0.10 | % |
| Fixed Rates: | To: | Change: | ||
| 6 month fixed convertible | 4.45 | % | N/C | |
| 6 month fixed open | 6.30 | % | N/C | |
| 1 year fixed open | 6.30 | % | N/C | |
| 1 year fixed closed | 3.50 | % | -0.10 | % |
| 2 year fixed closed | 3.85 | % | -0.10 | % |
| 3 year fixed closed | 4.25 | % | -0.20 | % |
| 4 year fixed closed | 4.89 | % | -0.20 | % |
| 5 year low rate fixed closed | 3.79 | % | -0.10 | % |
| 5 year fixed closed | 5.39 | % | -0.10 | % |
| 5 year Eco Smart fixed closed ™ | 5.39 | % | -0.10 | % |
| 6 year fixed closed | 6.10 | % | N/C | |
| 7 year fixed closed | 6.29 | % | -0.10 | % |
| 10 year fixed closed | 6.65 | % | -0.10 | % |
| 18 year fixed open | 8.85 | % | N/C |
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. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.
Matt Duffin, Toronto
416-867-3996
matthew.duffin@bmo.com
Sarah Bensadoun, Montreal
514-877-8224
sarah.bensadoun@bmo.com
Laurie Grant, Vancouver
604-665-7596
laurie.grant@bmo.com
Internet: www.bmo.com