BMO Decreases Residential Mortgage Rates
- Friday, November 20, 2009, 10:12
- Carousel, Finance, Mortgages
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BMO Bank of Montreal has announced that it will be decreasing its residential mortgage rates. The decreased rates have been in effect since November 19th, 2009.
The new rates are as follows:
| Fixed Rates | To | Change |
| 6 month fixed convertible | 4.65% | 0.00% |
| 6 month fixed open | 6.45% | 0.00% |
| 1 year fixed open | 6.55% | -0.25% |
| 1 year fixed closed | 3.50% | -0.20% |
| 2 year fixed closed | 3.75% | -0.20% |
| 3 year fixed closed | 4.25% | -0.20% |
| 4 year fixed closed | 5.19% | -0.10% |
| 5 year fixed closed | 5.59% | -0.19% |
| 6 year fixed closed | 5.59% | -0.19% |
| 7 year fixed closed | 6.60% | -0.20% |
| 10 year fixed closed | 6.70% | -0.25% |
| 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% |
| Special Offers | To | Change |
| 5 year (fixed/closed) | 4.29% | -0.19% |
The special discounted rate is not the posted rate of BMO Bank of Montreal. The rate is subject to change without any notice, and offers may be withdrawn or extended without any notice
There are many changes that have been made, and from what has been shown, it gives buyers in the market a good chance of securing a low rate for a good term.
However, keep in mind that rates will go up soon, so either grab a good rate while you can, or be prepared to be hit with a high rate in the near future.
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