BMO Bank of Montreal Decreases Mortgage Rates

    TORONTO, April 24 /CNW/ - BMO Bank of Montreal announced today it is
decreasing its residential mortgage rates, effective April 25, 2009.
    "With house prices moderating in many areas and mortgage rates at
historic lows, affordability remains the best it has been in half a decade,"
said Douglas Porter, Deputy Chief Economist, BMO Capital Markets. "Today's
across-the-board reduction in mortgage rates should go a long way in providing
support for the housing market."
    "Current market conditions make it a much friendlier environment for the
homebuyer," said John Turner, Director, Mortgages, BMO Bank of Montreal. "Now
may be a good time to buy. As a homebuyer, you're likely going to get a better
price and get it on better terms."

    The new rates are:

    Fixed Rates:                         To:         Change:
    6 month fixed convertible          4.75%         -0.30%
    6 month fixed open                 6.55%         -0.30%
    1 year fixed open                  7.00%         -0.30%
    1 year fixed closed                3.90%         -0.30%
    2 year fixed closed                4.05%         -0.30%
    3 year fixed closed                4.15%         -0.30%
    4 year fixed closed                4.84%         -0.30%
    5 year fixed closed                5.25%         -0.20%
    6 year fixed closed                6.30%         -0.60%
    7 year fixed closed                6.60%         -0.30%
    10 year fixed closed               6.75%         -0.30%
    18 year fixed open                 8.95%          0.00%

    Fixed Rate Special Offer(*):         To:         Change:
    5 Years (fixed/closed)             3.95%         -0.20%

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

    (*) 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        withdrawn or extended without notice.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: Kasia Lech, Toronto,, (416)
867-3996; Lucie Gosselin, Montréal,, (514) 877-8224;

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