BMO Financial Group
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BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

May 27, 2011 17:44 ET

BMO Bank of Montreal Decreases Mortgage Rates

TORONTO, ONTARIO--(Marketwire - May 27, 2011) - BMO Bank of Montreal today announced it is decreasing its residential mortgage rates, effective May 28, 2011.

Michael Gregory, Senior Economist at BMO Capital Markets, said: "Interest rates are near historic lows, and prospects for the Bank of Canada to raise interest rates is being pushed back to later this year. These factors combined are providing more opportunities for those looking to buy a home during the busy spring season."

The new rates are:

Special Offers*To:Change:
4 year fixed closed4.29%-0.10%
5 year Eco Smart fixed closed ™3.89%-0.10%
5 year fixed closed4.24%-0.10%
7 year fixed closed5.04%-0.10%
10 year fixed closed5.24%-0.10%
Fixed Rates:To:Change:
6 month fixed convertible4.45%N/C
6 month fixed open6.30%N/C
1 year fixed open6.30%N/C
1 year fixed closed3.60%-0.10%
2 year fixed closed3.95%-0.10%
3 year fixed closed4.45%-0.10%
4 year fixed closed5.09%-0.10%
5 year low rate fixed closed3.89%-0.10%
5 year fixed closed5.49%-0.10%
5 year Eco Smart fixed closed ™ 5.49%-0.10%
6 year fixed closed 6.10% -0.10%
7 year fixed closed6.39%-0.10%
10 year fixed closed6.75%-0.10%
18 year fixed open8.85%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. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.

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