rate: Mortgage Rate Market Update
- 11/16/10 12:09 PM
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 … (0 comments)
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 … (0 comments)
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