TORONTO, May 20, 2008 – BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective May 21, 2008. The new rates are:
|
Fixed Rates:
|
To:
|
Change:
|
|
6 month fixed convertible
|
6.21%
|
-0.64%
|
|
6 month fixed open
|
8.01%
|
-0.64%
|
|
1 year fixed open
|
8.30%
|
-0.80%
|
|
1 year fixed closed
|
6.15%
|
-0.80%
|
|
2 year fixed closed
|
6.15%
|
-0.85%
|
|
3 year fixed closed
|
6.15%
|
-0.85%
|
|
4 year fixed closed
|
6.59%
|
-0.25%
|
|
5 year fixed closed
|
6.65%
|
-0.34%
|
|
6 year fixed closed
|
6.90%
|
-0.25%
|
|
7 year fixed closed
|
7.35%
|
0.00%
|
|
10 year fixed closed
|
7.45%
|
-0.25%
|
|
18 year fixed open
|
8.95%
|
-0.25%
|
The Five-Year Protected Variable Rate ceiling changes to 6.65%.
(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)
| Special Offers* |
To: |
Change: |
| 3 year (fixed/closed) |
5.15%
|
-0.64%
|
| 5 year (fixed/closed) |
5.59%
|
-0.34%
|
| 7 year (fixed/closed) |
5.93%
|
0.00%
|
| Homeowner ReadiLine® 5-year variable rate closed term |
4.50%
|
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 Offer may be withdrawn or extended without notice.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.
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|
