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BMO Bank of Montreal Lowers Mortgage Rates


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TORONTO, ONTARIO--(Marketwire - May 12, 2010) - BMO Bank of Montreal (TSX:BMO)(NYSE:BMO) announced today it is changing its residential mortgage rates, effective May 13, 2010.

"Mortgage rates are still near historical lows and this, combined with an expected cooling in house prices, will help support affordability for Canadians looking to purchase a home," said Sal Guatieri, Senior Economist, BMO Capital Markets.

The new rates are:

Fixed Rates:To: Change:
6 month fixed convertible4.95% -0.10%
6 month fixed open6.45% N/C
1 year fixed open6.45% N/C
1 year fixed closed3.50% N/C
2 year fixed closed4.05% -0.10%
3 year fixed closed4.60% -0.15%
4 year fixed closed5.64% -0.10%
5 year low rate fixed closed6.10% N/C
5 year fixed closed6.10% N/C
6 year fixed closed6.30% N/C
7 year fixed closed6.95% -0.05%
10 year fixed closed7.10% -0.10%
18 year fixed open8.95% N/C
Variable rates:To: Change:
3 year open2.95% -0.10%**
5 year closed2.10% N/C

Special Offers*
To: Change:
4 year fixed closed 4.49% -0.10%
5 year low rate fixed closed 4.35% N/C
5 year fixed closed 4.70% N/C
7 year fixed closed 5.40% -0.10%
10 year fixed closed 5.55% -0.10%

*These special discounted rates are not the posted rates of BMO Bank of Montreal. Rates are subject to change without notice and offers may be withdrawn or extended without notice. Refer to our website for current residential mortgage posted rates. Mortgage funds must be advanced within 90 days of the application.

**The interest rate for a fixed rate mortgage is calculated half-yearly not in advance.
The APR for the 3-year variable rate (open) term is equal to our Prime Rate + 0.70%.



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