BMO Bank of Montreal Decreases Mortgage Rates



    TORONTO, Jan. 20 /CNW/ - BMO Bank of Montreal announced today it is
decreasing its residential mortgage rates, effective January 21, 2009. This is
in addition to the previous decreases on mortgage rates announced earlier
today, including BMO's special mortgage offer on a five-year fixed rate which
drops 0.30% to 4.49%.(*)

    
    The new rates are:

    Fixed Rates:                   To:      Change:

    6 month fixed convertible     5.20%     -0.70%
    6 month fixed open            7.00%     -0.70%
    1 year fixed open             7.45%     -1.10%
    1 year fixed closed           4.50%     -1.10%
    2 year fixed closed           5.15%     -1.10%
    3 year fixed closed           5.15%     -1.10%
    4 year fixed closed           5.75%     -0.70%
    5 year fixed closed           5.79%     -0.96%
    6 year fixed closed           7.00%      0.00%
    7 year fixed closed           7.00%     -0.20%
    10 year fixed closed          7.15%     -0.20%
    18 year fixed open            8.95%      0.00%

    (The interest on fixed-rate mortgages compounds semi-annually, not in
    advance.)
    

    (*)This special discounted rate is not the posted rate of BMO Bank of
Montreal. Rates are subject to change without notice. Offer may be withdrawn
or extended without notice. Mortgage funds must be advanced within 90 days of
the application.





For further information:

For further information: Paul Gammal, Toronto, (416) 867-3996,
paul.gammal@bmo.com, Internet: www.bmo.com


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