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Tag Archive: uninsured mortgage rates

New Uninsured Mortgage Stress Test Starts June 1

Here’s the latest on what we know about the banking regulator’s new mortgage stress test proposal… 12:10 p.m. ET Update OSFI has proposed a tougher minimum qualifying rate for uninsured mortgages. As planned, it will be the higher of: the mortgage contract rate plus 2%, or a 5.25% floor rate That 5.25% floor is 0.46%-pts higher than the current minimum...

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Lousy Short-term Mortgage Rates

Despite record-low short-term interest rates, most banks are offering junk 1-, 2- and 3-year rates on uninsured mortgages through the broker channel. We’re seeing 5-year variable pricing as low as 1.45% or less at major banks. Yet, on a one-year fixed, for example, they quote mortgage brokers over 2.40%. That’s well above the discretionary rates bank customers are reporting to...

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A New Low for 5-year Refinance Rates

—The Mortgage Report: Sept. 15— Never before has Canada seen an uninsured 5-year fixed nationally advertised for 1.84%. But on Tuesday we saw it, courtesy of Tangerine. At 1.84%, Tangerine’s rate is now just 4 basis points above the lowest nationally advertised uninsured variable rate. As usual, you’ll find even lower default-insured and insurable 5-year fixed offers if you shop...

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2018 – One Tough Mortgage Year

Few years have altered the mortgage landscape like 2018. Canada experienced what is arguably the biggest mortgage rule change of all time (OSFI’s B-20 and its “stress test”). It was a policy that hammered mortgage growth to almostthree-decade lows, slashing buying power over 20% for uninsured mortgagors and forcing roughly 1 in 7 borrowers to change or abandon their mortgage...

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CIBC’s 5-year Fixed Special, Sign of the Times

With the spring market on deck and bond yields sliding, big banks are sharpening their pencils on 5-year fixed pricing. Today we saw BMO cut its “Smart” 5-year fixed rate by 20 basis points, from 3.49% to 3.29%. (Best BMO mortgage rates) Then we saw CIBC launch a new 3.19% 5-year for high-ratio mortgages only. (Best CIBC mortgage rates) That...

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