TORONTO, March 20 /CNW/ - BMO Bank of Montreal announced today it is
decreasing its residential mortgage rates, effective March 24, 2008. The new
Fixed Rates: To: Change:
6 month open 8.80% -0.10%
6 month convertible 7.00% -0.10%
1 year open 9.30% -0.10%
1 year closed 7.15% -0.10%
2 year 7.20% -0.10%
3 year 7.20% -0.10%
4 year 7.04% -0.15%
5 year 7.19% -0.10%
6 year 7.35% -0.10%
7 year 7.55% -0.10%
10 year 7.90% -0.10%
18 year open 9.20% 0.00%
(The interest on fixed-rate mortgages compounds semi-annually, not in
The Five-Year Protected Variable Rate ceiling changes to 7.19%.
3 year (fixed/closed) 6.13% -0.10%
5 year (fixed/closed) 6.13% -0.10%
7 year (fixed/closed) 6.28% -0.10%
5-year variable rate closed term 5.00% 0.00%
(*) These special discounted rates are not the posted rates 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withdrawn or extended without notice.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.
"While there are many different strategies available to home buyers
today, the most important thing a customer can do is talk to a knowledgeable
mortgage expert who can help them look beyond the traditional mortgage
products," said Lynne Kilpatrick, Senior Vice President, Personal Banking, BMO
Bank of Montreal. "After all, the world has changed since our parents and
grandparents bought their first house and so have our mortgage options."
"While housing is becoming less affordable, mainly because of rising
prices, the recent move to lower rates will help make buying a home more
attainable," said Michael Gregory, Senior Economist, BMO Capital Markets.
"Although BMO Economics expects increase in home prices to continue to cool,
the housing market in Canada remains fundamentally sound."
For further information:
For further information: Paul Gammal, Toronto, firstname.lastname@example.org,
(416) 867-3996; Lucie Gosselin, Montreal, Lucie.Gosselin@bmo.com, (514)
877-1101, Internet: www.bmo.com