Robert McLister·Mortgage Rate Trends·April 21, 2009BMO Cuts Prime 1/4% BMO just announced it is dropping its prime rate 1/4%, in line with the Bank of Canada. BMO was the first big bank to move today. Their statement was issued at 9:01am ET, just one minute after the Bank of Canada’s announcement. The rest of the five major banks are expected to follow. BMO said that its closed variable-rate mortgage will now be priced at 3.05% (prime + 0.80%). __________________________________________________ Update (12:00pm ET): All the big banks have followed BMO’s lead. The benchmark for prime rate is now 2.25%, effective tomorrow. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.