All About Bank of Montreal Rates
The Bank of Montreal raised their mortgage rates by more than tenth percentage of a point to reflect the rising cost of borrowing in the bond market. The for Maximum Rate for the 5-year (protected) is 6.45%. The Annual Percentage Rate (APR) for the 5-year (protected) term is equal to 0.10% below the Prime Rate. The APR for the 3-year (open) term is equal to the Prime Rate. The APR for the 6-year (flexible below prime) term is equal to 2.25% below the companys Prime Rate for the first 3 months and 0.375% below the Prime Rate for the remainder of the term. The Prime Rate is 6.00% and is subject to change without notice. Each Annual Percentage Rate (APR) is for a mortgage of $100,000 with monthly payments and a 25-year amortization. APR assumes no fee(s) apply. If the company requires to obtain an appraisal, the appraisal fee would increase APR.
Type: |
Term: |
Annual Percentage Rate |
| Fixed Rate |
6 month(convertible) |
6.350%
|
| Fixed Rate |
6 month(open) |
8.150%
|
| Fixed Rate |
1 year(closed) |
6.300% |
| Fixed Rate |
2 year(closed) |
8.450% |
| Fixed Rate |
5 year(closed) |
6.450% |
| Fixed Rate |
6 year(closed) |
6.550% |
| Fixed Rate |
7 year(closed) |
6.850% |
| Fixed Rate |
10 year(closed) |
7.200% |
| Fixed Rate |
18 year(open) |
5.547% |
| Variable Rate |
6 year(flexible below prime) |
5.547% |
| Variable Rate |
3 year(open) |
6.000% |
| Variable Rate |
5 year(protected) |
5.900% |
The Rates grew up by merging with several other Canadian banks like Exchange Bank of Yarmouth in 1903, People’s Bank of Halifax in 1905, People’s Bank of New Brunswick in 1907, Bank of British North America in 1918, Merchants Bank of Canada in 1922, and the Molson Bank in 1925. By 1984, the Bank of Montreal expanded its U.S. operations by acquiring Chicago’s Harris Bankcorp. With more than 1,000 branches, this bank stood in fifth place in Canada's largest banks.
