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.