BMO Bank of Montreal Changes Mortgage Rates

BMO Continues to Offer Lowest Five-Year Fixed Rate Now at 4.35 per cent

TORONTO, April 27 /CNW/ - BMO Bank of Montreal announced today it is increasing its residential mortgage rates, effective April 28, 2010.

"At BMO we are committed to helping Canadians become mortgage-free sooner and continue to offer the lowest five-year fixed rate in the marketplace," said Jane Yuen, Senior Manager of Mortgages, Bank of Montreal. "Now is a great time to come in to get pre-approved for our five-year fixed rate of 4.35 per cent with a maximum 25-year amortization. Customers have up to 90 days to search for the home of their dreams and lock in at a guaranteed low rate."

    
    The new rates are:

    Fixed Rates:                           To:           Change:

    6 month fixed convertible             5.05%          +0.15%
    6 month fixed open                    6.45%            N/C
    1 year fixed open                     6.45%            N/C
    1 year fixed closed                   3.50%          +0.25%
    2 year fixed closed                   4.15%          +0.15%
    3 year fixed closed                   4.75%          +0.15%
    4 year fixed closed                   5.74%          +0.15%
    5 year low rate fixed closed          6.25%          +0.15%
    5 year fixed closed                   6.25%          +0.15%
    6 year fixed closed                   6.30%          +0.20%
    7 year fixed closed                   7.00%          +0.15%
    10 year fixed closed                  7.20%          +0.15%
    18 year fixed open                    8.95%            N/C

    Special Offers*
                                           To:           Change:

    4 year fixed closed                   4.59%          +0.15%
    5 year low rate fixed closed          4.35%          +0.15%
    5 year fixed closed                   4.85%          +0.15%
    7 year fixed closed                   5.50%          +0.15%
    10 year fixed closed                  5.65%          +0.15%
    

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 Rates are subject to change without notice and offers may be withdrawn or extended without notice. Refer to our website for current residential mortgage posted rates. Mortgage funds must be advanced within 90 days of the application

For further information: Internet: www.bmo.com; For news media enquiries, please contact: Martha McInnis, Toronto, [phone], [email protected]; Sarah Bensadoun, Montreal, [phone], [email protected]