TORONTO, ONTARIO--(Marketwire - May 24, 2012) - BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective May 25, 2012.
"BMO continues to encourage Canadian homeowners to take on a mortgage amortization of 25 years or less. Shortening the amount of time you carry mortgage debt should be a priority for any homeowner, as it saves thousands of dollars in interest rates over the life of the mortgage and ensures Canadians can begin building equity in their home sooner," said Martin Nel, Vice President, Lending and Investment Products, BMO Bank of Montreal.
The new rates are:
| Fixed Rates: | To: | Change: | ||
| 5 year fixed closed | 5.34 | % | -0.10 | % |
| 5 year low rate fixed closed | 3.39 | % | -0.10 | % |
The interest rate for a fixed rate mortgage is calculated half-yearly not in advance.
Rates are subject to change without notice. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.
