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% |
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%.
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