Less Canadians are treating their homes like an ATM. The report by the Canadian Housing and Mortgage Corporation (CMHC) says, since new stricter rules were brought in last year by Finance Minister Jim Flaherty, refinancing activity of insured mortgages has dropped by 40%.
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Last week we saw a few of the big banks lower their posted fixed mortgage rates by roughly 10 basis points (or 0.10%). The move was lead by RBC, and this week the remaining lenders followed suit. The popular posted 5 year fixed rate went from 5.59% to 5.49%. This means that starting on June 6th the new qualifying rate will be 5.49%.
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Rumour has it that the biggest question coming out of the new mortgage rules announced by the Finance Minister last month, which was what is the exact “higher” mortgage rate that clients will now have to qualify for, should be …
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