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In accordance with the new CMHC mortgage changes, at 12:01 AM EST today, the benchmark qualifying rate for insured high-ratio mortgages is 6.10%.

Clients will now have to qualify based on the 6.1% interest rate if they want to choose a variable or a 1- to 4-year fixed term if you’re putting down less than 20%.

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.