Mortgage Rates & Mortgage Broker News in Canada |
| Minimum Qualifying Rate for Both Mortgage Stress Tests Left at 5.25% Posted: 17 Dec 2021 04:56 AM PST As part of its annual review of the stress test for uninsured mortgages, the Office of the Superintendent of Financial Institutions today confirmed the minimum qualifying rate will remain at 5.25%. That means borrowers making a down payment of 20% or more will need to prove they can afford payments based on their contract rate plus 2% or 5.25%, whichever is higher. Currently, about 90% of mortgage borrowers are being qualified at the 5.25% minimum qualifying rate (MQR) rate as […] |
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