Monday, June 20, 2022

Mortgage Rates & Mortgage Broker News in Canada

Mortgage Rates & Mortgage Broker News in Canada

How the mortgage stress test is impacting qualification amounts

Posted: 20 Jun 2022 01:05 PM PDT

As of June 2022, we are currently seeing unnatural discrepancies in the size of mortgage loans borrowers will qualify for, and it's all because of a rift in the space-time stress test continuum. You see, most 5-year fixed mortgage rates are already over 5%, making their stress test a full 2% higher at 7% or more. Concurrently, the mortgage stress test rate for variable mortgages is still a comparatively low 5.25% or so. In order to maximize the amount homebuyers […]
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Mortgage – HousingWire

Mortgage – HousingWi...