BMO Bank of Montreal Lowers Mortgage Rates

TORONTO, March 9 /CNW/ - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective March 10, 2010.

In addition, BMO Bank of Montreal recently announced it is making it easier for Canadians to be mortgage-free sooner with the introduction of the new BMO five-year fixed rate mortgage effective March 08, 2010. The mortgage offers the lowest five-year fixed rate at 3.75 per cent* with a maximum amortization of 25 years.

The new rates are:

    
    Fixed Rates:                                To:                   Change:

    6 month fixed convertible                  4.65%                     N/C
    6 month fixed open                         6.45%                     N/C
    1 year fixed open                          6.45%                     N/C
    1 year fixed closed                        3.00%                     N/C
    2 year fixed closed                        3.75%                     N/C
    3 year fixed closed                        4.15%                     N/C
    4 year fixed closed                        4.94%                   -0.10%
    5 year fixed closed                        5.25%                   -0.14%
    5 year low rate fixed closed               5.25%                   -0.14%
    6 year fixed closed                        5.25%                   -0.14%
    7 year fixed closed                        6.60%                     N/C
    10 year fixed closed                       6.70%                     N/C
    18 year fixed open                         8.95%                     N/C

    Variable Rates:                             To:                   Change:

    3 year open                                3.05%                     N/C
    5 year closed                              2.10%                   -0.05%

    Special Offers*

                                                To:                   Change:

    4 year fixed closed                        3.89%                   -0.10%
    5 year fixed closed                        3.95%                   -0.14%
    5 year low-rate fixed closed               3.75%                      N/C
    7 year fixed closed                        5.20%                      N/C
    10 year fixed closed                       5.35%                      N/C
    

The interest rate for a fixed rate mortgage is calculated half-yearly not in advance. The interest rate for a variable rate mortgage is calculated monthly not in advance. The APR for the 5-year variable rate (closed) term is equal to our Prime Rate minus 0.15%.

*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.

Internet: www.bmo.com

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