BMO Bank of Montreal announced today it is changing its residential mortgage rates, effective April 10, 2007. The new rates for fixed-rate mortgages are:
>six-month open – 8.25% (no change);
>six-month convertible – 6.50% (up 0.05%);
>one-year open – 8.75% (up 0.20%);
>one-year closed – 6.60% (up 0.20%);
>one-year 6.70% (up 0.21%);
>three-year – 6.70% (up 0.21%);
>four-year – 6.70% (up 0.21%);
>five-year – 6.64% (up 0.20%);
>six-year – 6.80% (up 0.21%);
>seven – year 6.95% (up 0.20%);
>10-year – 7.50% (up 0.20%);
>18-year open – 8.75% (no change).

(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)

The five-year protected variable rate ceiling changes to 6.64%.

Special rates are as follows:
>three-year – 5.53% (up 0.20%)
>five-year – 5.58% (up 0.20%)