Bank Of Canada Lowers Mortgage Rate To 4.79%

Author: External Author | Sep 02, 2020 | Categories: Accredited Mortgage Professional , Borrowed Down Payment , First Time Home Buyer Mortgage , Home Equity Line Of Credit , Mortgage Refinance , Mortgage Renewal , New to Canada Mortgage , Purchase Mortgage , Purchase Plus Improvement Mortgage , Real Estate Mortgage , Reverse Mortgage , Spousal Separation

The mortgage qualification bar has been lowered, allowing Canadians to buy more expensive houses.

Five-year posted mortgage rates at Canada's biggest banks have been lowered in recent weeks, compelling the Bank of Canada to lower the average rate that the central bank uses to base its mortgage qualification calculations on to 4.79%.

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Original Article Source Credits: Baystreet , https://www.baystreet.ca/

Article Written By: Baystreet Staff

Original Article Posted on: August 14, 2020

Link to Original Article: https://www.baystreet.ca/economiccommentary/2955/Bank-Of-Canada-Lowers-Mortgage-Rate-To-479