BMO Bank of Montreal Lowers Mortgage Rates

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

TORONTO , Oct. 23 /CNW/ - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective October 24, 2009 . The new rates are:

    
    Fixed Rates:                          To:            Change:
    6 month fixed convertible            4.65%            0.00%
    6 month fixed open                   6.45%            0.00%
    1 year fixed open                    6.80%            0.00%
    1 year fixed closed                  3.70%            0.00%
    2 year fixed closed                  3.95%            0.00%
    3 year fixed closed                  4.45%            0.00%
    4 year fixed closed                  5.29%            0.00%
    5 year fixed closed                  5.78%           -0.06%
    6 year fixed closed                  5.78%           -0.06%
    7 year fixed closed                  6.80%            0.00%
    10 year fixed closed                 6.95%            0.00%
    18 year fixed open                   8.95%            0.00%

    Variable rates:                       To:            Change:
    5 year closed                        2.25%            0.00%
    3 year  open                         3.05%            0.00%


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

    Special Offers*                     To:            Change:
    5 year(fixed/closed)                 4.48%           -0.06%
    

*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 Offer may be withdrawn or extended without notice.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 Contact: Kasia Lech, [phone], [email protected]; Internet: www.bmo.com