BMO Bank of Montreal Lowers Mortgage Rates

    
    BMO's highly-competitive variable rates remain unchanged, including five-
    year closed at 2.25 per cent
    

TORONTO, Oct. 23 /CNW/ - BMO Bank of Montreal announced today it is decreasing its residential mortgage rates, effective October 24, 2009. The new rates are:

    
    Fixed Rates:                          To:            Change:
    6 month fixed convertible            4.65%            0.00%
    6 month fixed open                   6.45%            0.00%
    1 year fixed open                    6.80%            0.00%
    1 year fixed closed                  3.70%            0.00%
    2 year fixed closed                  3.95%            0.00%
    3 year fixed closed                  4.45%            0.00%
    4 year fixed closed                  5.29%            0.00%
    5 year fixed closed                  5.78%           -0.06%
    6 year fixed closed                  5.78%           -0.06%
    7 year fixed closed                  6.80%            0.00%
    10 year fixed closed                 6.95%            0.00%
    18 year fixed open                   8.95%            0.00%

    Variable rates:                       To:            Change:
    5 year closed                        2.25%            0.00%
    3 year  open                         3.05%            0.00%


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

    Special Offers*                     To:            Change:
    5 year(fixed/closed)                 4.48%           -0.06%
    

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 Offer may be withdrawn or extended without notice.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

SOURCE BMO BANK OF MONTREAL

For further information: For further information: Media Contact: Kasia Lech, (416) 867-3996, kasia.lech@bmo.com; Internet: www.bmo.com


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