Bank of Montreal (BMO) announced raised it’s residential mortgage rates effective, today, June 2, 2009.
The rates that are affected are:
|
Fixed Rates |
To |
Change |
|---|---|---|
|
5 year fixed closed |
5.45% |
+0.20% |
|
7 year fixed closed |
6.80% |
+0.20% |
|
10 year fixed closed |
6.95% |
+0.20% |
|
Fixed Rate Special Offer(*): | ||
|
5 Years (fixed/closed) |
4.15% |
+0.20% |
(*) 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withdrawn or extended without notice.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.
This is the first increase in the posted 5 year fixed mortgage rate in 8 months and is due to a large increase in bond yields.
Expect the other big banks to follow suit soon.
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