BMO Bank of Montreal

BMO Bank of Montreal

May 19, 2011 13:21 ET

BMO Bank of Montreal Decreases Mortgage Rates

TORONTO, ONTARIO--(Marketwire - May 19, 2011) - BMO Bank of Montreal today announced it is decreasing its residential mortgage rates.

Michael Gregory, Senior Economist at BMO Capital Markets, said: "Interest rates are hovering around historic lows, and due to a slowing economy, prospects for the Bank of Canada to raise interest rates is being pushed back from the summer to the autumn months. These factors combined are providing more opportunities for those looking to buy a home during the busy spring season."

The new rates effective May 20, 2011 are:
Special Offers*To:Change:
5 year Eco Smart fixed closed ™3.99%-0.05%
5 year fixed closed4.34%-0.10%
Fixed Rates:To:Change:
5 year low rate fixed closed3.99%-0.05%
5 year fixed closed5.59%-0.10%
5 year Eco Smart fixed closed ™5.59%-0.10%

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. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.

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