Bank of Montreal (BMO) was the first bank to drop their variable mortgage rates after the Bank of Canada’s interest rate cut today, April 21, 2009. They cut their variable rates by 0.25% passing on the savings to customers right away, and these new rates are effective tomorrow, April 22, 2009. The new rates are as follows:
|
Variable Rates |
To |
Change |
|
3 year open |
3.75% |
-0.25% |
|
5 year closed |
3.05% |
-0.25% |
|
Homeowner ReadiLine(R) |
3.05% |
-0.25% |
You can see how BMO variable rates compare against the market and Compare mortgage rates here.
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