BMO Bank of Montreal Changes Mortgage Rates

    
    BMO's highly-competitive variable rates remain unchanged, including five-
    year closed at 2.25 per cent
    

TORONTO , Oct. 13 /CNW/ - BMO Bank of Montreal today announced it is increasing its residential fixed mortgage rates. Effective October 14, 2009 , the new rates are as follows:

    

    Fixed Rates:                          To:       Change:

    6 month fixed convertible            4.65%       0.10%
    6 month fixed open                   6.45%       0.10%
    1 year fixed open                    6.80%         N/C
    1 year fixed closed                  3.70%         N/C
    2 year fixed closed                  3.95%       0.10%
    3 year fixed closed                  4.45%       0.10%
    4 year fixed closed                  5.29%       0.35%
    5 year fixed closed                  5.84%       0.35%
    6 year fixed closed                  5.84%       0.35%
    7 year fixed closed                  6.80%       0.20%
    10 year fixed closed                 6.95%       0.20%
    18 year fixed open                   8.95%         N/C

    Variable rates:                       To:       Change:

    5 year closed                        2.25%         N/C
    3 year open                          3.05%         N/C

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

    Special Offers*                     To:       Change:

    5 year (fixed/closed)                4.54%       0.35%

    *This special discounted rate is not the posted rate of BMO Bank of
    Montreal. Rate is subject to change without notice. Offer may be
    withdrawn or extended without notice. Mortgage funds must be advanced
    within 90 days of the application.
    

For further information: Media Contacts: Kasia Lech, Toronto, [email protected], [phone]; Ronald Monet, Montréal, [email protected], [phone]; Laurie Grant, Vancouver, [email protected], [phone]; Internet: www.bmo.com