BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective September 13, 2007. The new rates are:
Fixed Rates:
To:
Change:
6 month open
8.55%
0.00%
6 month convertible
6.75%
0.00%
1 year open
9.20%
0.00%
1 year closed
7.05%
0.00%
2 year
7.30%
0.00%
3 year
7.30%
0.00%
4 year
7.30%
0.00%
5 year
7.19%
-0.05%
6 year
7.40%
0.00%
7 year
7.55%
0.00%
10 year
7.95%
0.00%
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 7.19%.
Special Offers*
To:
Change:
3 year (fixed/closed)
6.13%
0.00%
5 year (fixed/closed)
6.13%
-0.05%
7 year (fixed / closed)
6.10%
0.00%
Homeowner ReadiLine®
5-year variable rate closed term
5.50%
0.00%
*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 Offer may be withdrawn or extended without notice.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.
Effective until October 31, 2007 customers who take out a five-year term mortgage or renew or refinance an existing mortgage for a five-year term will receive BMO’s Performance Plan with unlimited transactions for free over the term – a savings of more than $800, which in some cases could translate into an extra mortgage payment.
