BMO Bank of Montreal Lowers Mortgage Rates

Special low-rate offer of 4.35 per cent remains lowest in the marketplace

TORONTO, May 7 /CNW/ - BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 8, 2010.

"BMO is committed to helping Canadians become mortgage-free sooner and we continue to offer the lowest rate in the market," said Jane Yuen, Senior Manager of Mortgages, Bank of Montreal "Now is a great time to come in to get pre-approved and lock in with 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 take advantage of this great low rate."

The new rates are:

    
    Fixed Rates:                       To:           Change:
    6 month fixed convertible         5.05%            N/C
    6 month fixed open                6.45%            N/C
    1 year fixed open                 6.45%            N/C
    1 year fixed closed               3.50%            N/C
    2 year fixed closed               4.15%            N/C
    3 year fixed closed               4.75%            N/C
    4 year fixed closed               5.74%            N/C
    5 year low rate fixed closed      6.10%          -0.15%
    5 year fixed closed               6.10%          -0.15%
    6 year fixed closed               6.30%            N/C
    7 year fixed closed               7.00%            N/C
    10 year fixed closed              7.20%            N/C
    18 year fixed open                8.95%            N/C

    Special Offers*
                                       To:           Change:
    4 year fixed closed               4.59%            N/C
    5 year low rate fixed closed      4.35%            N/C
    5 year fixed closed               4.70%          -0.15%
    7 year fixed closed               5.50%            N/C
    10 year fixed closed              5.65%            N/C
    

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 Rates are subject to change without notice and offers may be withdrawn or extended without notice.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

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]