”Posthaste: Variable-rate mortgages growing in popularity despite Bank of Canada rate hikes”
”Many are still interested in variable-rate mortgages even though the central bank continues to hike interest rates in an effort to quell inflation, according to a new report by Ratesdotca. ”
”Stress test could be motivating factor, report suggests”
”However, the Ratessdotca report cites the mortgage stress test as a possible reason for the increased interest in variable mortgages since the qualifying rate is lower.
The stress test requires that a homebuyer shows they are able to afford payments at a rate that is two percentage points higher than the negotiated interest rate or can manage the Bank of Canada’s current qualifying rate of 5.25 percent, whichever is higher.”
To continue reading the full article published on the Financial Post website follow the link: Posthaste: Variable-rate mortgages growing in popularity despite Bank of Canada rate hikes written by Gigi Suhanic
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