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Mortgage Rate Market Update
Mortgage Rate Market Update The paragraph below is compliments of Layth Matthews of RateMiser Mortgage Advisors:   Fixed mortgage rates bumped up at most lenders across the board today.  We view this as a positive, but likely temporary sign for the economy.  The Bank of Canada has also recently reduced the qualifying rate for variable rate mortgages to 5.19%.  This is the rate that you must stress test to pass if you want a variable rate mortgage with less than 20% equity in your home.  If you have more than 20% down or equity in the case of a refinance, the qualifying rate is usually the discounted 3 year rate at the lender you use. For more information on this visit www.heasliphomes.com and go to my "Links" page to find RateMiser Mortgage Advisors. ... more

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