The Bank of Montreal (BMO) dropped interest rates last month as follows (these rates are effective as of August 9, 2008):
| Fixed Rates: | To: | Change: |
| 6-month fixed convertible | 6.21% | 0.00% |
| 6-month fixed open | 8.01% | 0.00% |
| 1-year fixed open | 8.80% | -0.30% |
| 1-year fixed closed | 6.65% | -0.30% |
| 2-year fixed closed | 6.70% | -0.30% |
| 3-year fixed closed | 6.70% | -0.30% |
| 4-year fixed closed | 6.69% | -0.30% |
| 5-year fixed closed | 6.85% | -0.30% |
| 6-year fixed closed | 7.10% | -0.30% |
| 7-year fixed closed | 7.30% | -0.30% |
| 10-year fixed closed | 7.65% | -0.30% |
| 18-year fixed open | 8.95% | 0.00% |
The Five-Year Protected Variable Rate ceiling changes to 6.85%.
The interest on fixed-rate mortgages compounds semi-annually, not in advance.
The special offers on residential mortgage rates are:
| Special Offers(*) | To: | Change: |
| 3 year (fixed/closed) | 5.69% | -0.30% |
| 5 year (fixed/closed) | 5.79% | -0.30% |
| 7 year (fixed/closed) | 5.89% | -0.30% |
| Homeowner ReadiLine® 5-year variable rate closed term | 4.50% | 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 Offer may be withdrawn or extended without notice.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.
If you’d like to see how competitive these rates are go compare mortgage rates now.
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