BMO Bank of Montreal

BMO Bank of Montreal

September 14, 2011 19:14 ET

BMO Bank of Montreal Decreases Mortgage Rates

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2011) - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective September 15, 2011.

"Canadians should consider a shorter amortization period in order to become mortgage free faster," said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal. "For instance, BMO offers a low 5 year-fixed rate mortgage with a maximum 25-year amortization now at 3.59 per cent. Stress testing your budget using a mortgage payment based on a higher rate can help avoid nasty surprises in the future should interest rates rise."

The new rates are:

Special Offers* To: Change:
4 year fixed closed 3.94% -0.20%
5 year Eco Smart fixed closed™ 3.59% -0.20%
5 year fixed closed 3.99% -0.20%
7 year fixed closed 5.00% N/C
10 year fixed closed 5.24% N/C
Fixed Rates: To: Change:
6 month fixed convertible 4.45% N/C
6 month fixed open 6.30% N/C
1 year fixed open 6.30% N/C
1 year fixed closed 3.50% N/C
2 year fixed closed 3.85% N/C
3 year fixed closed 4.35% N/C
4 year fixed closed 4.79% -0.20%
5 year low rate fixed closed 3.59% -0.20%
5 year fixed closed 5.19% -0.20%
5 year Eco Smart fixed closed™ 5.19% -0.20%
6 year fixed closed 6.20% N/C
7 year fixed closed 6.35% N/C
10 year fixed closed 6.75% N/C
18 year fixed open 8.85% 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 Offers may be withdrawn or extended without notice.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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