Today’s Bank of Canada Qualifying Rate
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.
In accordance with CMHC mortgage rules, at 12:01 AM EST today, the benchmark qualifying rate for insured high-ratio mortgages is 4.64%.
Borrowers will now have to qualify based on the 4.64% 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%.
Want to know how much mortgage you’ll qualify for?
Simply contact me for a mortgage pre-approval.