BMO Bank of Montreal Changes Mortgage Rates

TORONTO, December 20, 2007 – BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective December 21, 2007. The new rates are:

Fixed Rates: To: Change:
6 month open
8.90%
+0.35%
6 month convertible
7.10%
+0.25%
1 year open
9.50%
+0.20%
1 year closed
7.35%
+0.15%
2 year
7.55%
+0.20%
3 year
7.55%
+0.20%
4 year
7.54%
+0.19%
5 year
7.54%
+0.15%
6 year
7.70%
+0.20%
7 year
7.85%
+0.20%
10 year
8.20%
+0.25%
18 year open
9.20%
0.00%

(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)

The Five-Year Protected Variable Rate ceiling changes to 7.54%.

Special Offers(*)

  To: Change:
3 year (fixed/closed)
6.54%
+0.20%
5 year (fixed/closed)
6.53%
+0.15%
7 year (fixed/closed)
6.63%
+0.20%
 
Homeowner ReadiLine(R)
5.75%
+0.25%
5-year variable rate closed term

(*) 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 Offer may be withdrawn or extended without notice.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.

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For further information:
Katelyn Hunter, Toronto, Katelyn.Hunter@bmo.com, (416) 867-3996
Lucie Gosselin, Montreal, Lucie.Gosselin@bmo.com, (514) 877-1101