Posts Tagged ‘BMO’

Big Banks Drop Mortgage Rates

Sunday, November 22nd, 2009

The other major banks followed RBC’s move to lower mortgage rates this week. Bank mortgage rates are dropping as result of lower 1, 2 and 5 year bond yields. Bond yields drive fixed rates because they are a big part of mortgage lenders’ cost of funds that they use for fixed mortgage rates. Variable mortgage rates have stayed the same as the Bank of Canada has not changed their target for the overnight rate (which influences variable rates). The next Bank of Canada announcement is on December 8, 2009.


CIBC

CIBC mortgage rate changes:

Six-month convertible

4.65 per cent

no change

Six-month open

6.70 per cent

no change

One-year open

6.45 per cent

no change

One-year closed

3.60 per cent

down 0.20 per cent

Two-year closed

3.75 per cent

down 0.20 per cent

Three-year closed

4.25 per cent

down 0.20 per cent

Four-year closed

5.19 per cent

down 0.10 per cent

Five-year closed

5.59 per cent

down 0.25 per cent

Seven-year closed

6.65 per cent

down 0.15 per cent

10-year closed

6.80 per cent

down 0.15 per cent



TD

TD mortgage rates changes:

Fixed Rates

6-month convertible

4.60%

N/C

1-year open

6.55%

N/C

1-year closed

3.65%

-0.10%

2-year closed

3.95%

-0.10%

3-year closed

4.50%

-0.10%

4-year closed

5.19%

-0.10%

5-year closed

5.59%

-0.04%

6-year closed

6.10%

N/C

7-year closed

6.60%

N/C

10-year closed

6.70%

N/C

Variable Rates

VIRM Closed TD Mortgage Prime
VIRM Open TD Mortgage Prime + 0.80%



BMO

BMO mortgage rate changes:

Fixed Rates

6 month fixed convertible

4.65%

0

6 month fixed open

6.45%

0

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%

Variable rates

5 year closed 2.25%
3 year open 3.05%

Special Offers*

5 year(fixed/closed) 4.29% -0.19%

*This special discounted rate is not the posted rate of BMO Bank of
Montreal. Rate is subject to change without notice. Offer may be
withdrawn or extended without notice. Mortgage funds must be advanced
within 90 days of the application.



Scotiabank

Scotiabank mortgage rate changes:

one-year open

6.55%

-0.20%

one-year closed

4.35%

-0.20%

two-year closed

3.95%

-0.40%

three-year closed

4.50%

-0.25%

four-year closed

5.19%

-0.11%

five-year closed

5.59%

-0.25%

Their special discounted rates* also changed:

one-year fixed closed 2.35 per cent (decreases by 0.20 per cent)
five-year fixed closed 4.29 per cent (decreases by 0.25 per cent)

* The special discounted rates are not the posted rates of Scotiabank. Rates are subject to change without notice. Offers may be withdrawn or extended without notice and cannot be combined with any other rate discounts, offers, or promotions. Mortgage funds must be advanced within 120 days of the application date. Other conditions may apply.

Big Banks Increase Fixed Mortgage Rates

Wednesday, October 14th, 2009

The other big banks moved to increase their fixed mortgage rates effective today, October 14, 2009, following RBC’s mortgage rates increase last week.

The fixed rate increases range from 0.10% – 0.35% while variable rates remained unchanged. The latest rates are now as follows:

Bank mortgage rate changes

 

BMO

CIBC

Scotiabank

Fixed Rates:

To:

Change:

To:

Change:

To

Change:

6 month fixed convertible

4.65%

0.10%

4.65%

0.10%

4.65%

0.10%

6 month fixed open

6.45%

0.10%

6.70%

0.10%

6.50%

0.10%

1 year fixed open

6.80%

N/C

6.45%

0.10%

1 year fixed closed

3.70%

N/C

3.80%

0.10%

2 year fixed closed

3.95%

0.10%

3.95%

0.10%

3 year fixed closed

4.45%

0.10%

4.45%

0.10%

4.75%

0.30%

4 year fixed closed

5.29%

0.35%

5.29%

0.35%

5.30%

0.35%

5 year fixed closed

5.84%

0.35%

5.84%

0.35%

5.84%

0.35%

6 year fixed closed

5.84%

0.35%

7 year fixed closed

6.80%

0.20%

6.80%

0.20%

6.60%

0.10%

10 year fixed closed

6.95%

0.20%

6.95%

0.20%

6.95%

0.10%

18 year fixed open

8.95%

N/C

 

Special rate offers

 

BMO

Scotiabank

Special Offers*

To:

Change:

To:

Change:

1 year (fixed/closed)

   

2.55% *

NC

5 year (fixed/closed)

4.54%

0.35%

4.54%

0.35%

Scotiabank special offer

* The special discounted rates are not the posted rates of Scotiabank.
Rates are subject to change without notice. Offers may be withdrawn or
extended without notice and cannot be combined with any other rate
discounts, offers, or promotions. Mortgage funds must be advanced within
120 days of the application date. Other conditions may apply.

BMO Special offer

*This special discounted rate is not the posted rate of BMO Bank of
Montreal. Rate is subject to change without notice. Offer may be
withdrawn or extended without notice. Mortgage funds must be advanced
within 90 days of the application.

BMO Charges Incorrect Mortgage Fees, Penalties and Offers Refunds

Wednesday, August 5th, 2009

BMO annouced that some of their past and former mortgage customers may be entitled to refunds as some customers may have been charged:

“incorrect fees and/or penalties in excess of what was disclosed in our mortgage documents

You may be eligible for a refund if between:

  • September 1, 1998 and July 10, 2005 you paid out your mortgage.
  • February 1, 2001 and August 31, 2005 you renewed or early renewed into a 6-Year Flexible Below Prime mortgage.
  • May 1, 2002 and September 30, 2006 you renewed into a fixed rate closed mortgage and paid a penalty on this mortgage as a result of a subsequent early renewal or prepayment.
  • October 1, 2004 and September 30, 2006 you obtained a new fixed rate closed mortgage and paid a penalty on this mortgage as a result of a subsequent early renewal or prepayment.
  • If you already have a BMO bank account, you would have automatically been credited with a refund on July 29, 2009. If you think you qualify but didn’t received a refund then call 1-866-991-0801, Monday to Friday from 8 a.m. to 8 p.m. (ET).

    BMO Raises Mortgage Rates

    Tuesday, June 2nd, 2009

    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.

    BMO Lowers Variable Mortgage Rates

    Tuesday, April 21st, 2009

    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)
    (5-year variable rate
    closed term)

    3.05%

    -0.25%

    You can see how BMO variable rates compare against the market and Compare mortgage rates here.

    BMO Lowers Variable Mortgage Rates

    Tuesday, March 3rd, 2009

    BMO quickly moved to lower their mortgage rates as a result of the Bank of Canada announcement this morning. The changes are as follows and are effective tomorrow, March 4, 2009.

    Variable Rates:

    To:

    Change:

    3 year open

    4.00%

    -0.50%

    5 year closed

    3.30%

    -0.50%

    Homeowner ReadiLine(R)
    5-year variable rate
    closed term

    3.50%

    -0.50%

    This is great news for variable mortgage shoppers, as well as for other mortgage looking for a mortgage

    Go compare mortgage rates now.

    Bank of Montreal (BMO) Decreases Residential Mortgage Rates

    Tuesday, September 2nd, 2008

    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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