Requirements for homebuyers ease after stress test rate falls
An easing of the mortgage stress test means it just got a little easier to get a foot into Canada’s housing market.
The Bank of Canada’s 5-year conventional mortgage rate fell from 4.94 per cent to 4.79 per cent. The rate is based on posted 5-year fixed rates at banks, which have been cutting over the past week. Most recently, National Bank cut by 15 basis points on Monday.
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Jessy Bains
Original Article Posted on: August 13, 2020