BANK OF CANADA QUALIFYING RATE

The Canadian Mortgage Housing Corporation (CMHC) defines the benchmark rate as the Chartered Bank — Conventional Mortgage 5-year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01 AM (Eastern Time) each Monday.

Current rates, subject to change without notice, are as follows:

Rates Effective October 12th, 2013

Closed Variable Rate at Prime less 0.55%

1 year 2.80%
2 year 2.74%
3 year 2.94%
4 year 3.29%
5 year 3.34%
7 year 3.85%
10 year 4.19%
* Rates subject to change without notice.

 

In accordance with CMHC mortgage changes, the benchmark qualifying rate for insured high-ratio mortgages is the posted 5-year rate.

Clients will now have to qualify based on the 5.24 benchmark rate, if they want to choose a variable or a 1- to 4-year fixed term, when putting down less than 20%.

READY TO GET A MORTGAGE?

 

Phone: 604.838.6725
Fax: 1.888.511.3411

E-mail: info@approvalpro.ca
VERICO Paragon Website: www.paragonmortgage.ca

 

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