OMJ Mortgage Capital is the mortgage broker in Toronto with 40 years of industry experience. Our team of professionals include former bank managers with strong ties to Canada’s major lenders.
We pride ourselves on getting you the best mortgage rates and information you can use. Here’s the most recent data on the mortgage stress test. We hope you will find it useful.
Recent reports show mortgage rates (one metric for the stress test) fell for the third time since the pandemic began. What’s important is the benchmark five-year rate for mortgages has dropped. This eases one of the key factors faced by people looking for a loan.
The Rate Declines That Matter
The three rate declines are as follows. In March, shortly after the pandemic hit Canada, the rate fell to 5.04 percent. In May, it dropped further to 4.94 percent. Most recently, this benchmark which sets other mortgage rates dropped to 4.79 percent.
This rate is significant because it’s one of the foundational parts of the stress test. These formulas were introduced in 2017 by the federal government. Although it’s called a test, it’s really a set of rules banks use to determine who qualifies for a mortgage. Understanding the way these test works will help you to get approved for a mortgage.
Qualify for The Mortgage You Want Now
This rate drop may allow you to qualify for the mortgage you want now. This is good news if you have already qualified for a mortgage. However, if you still need to take steps to reach the qualification benchmark, you won’t be affected by this news.
Our residential mortgage team has the experience and knowledge to help you. Today’s market is constantly shifting and moving. That’s why we are the clear choice when you’re looking for a mortgage broker in Toronto. We work with you through the whole process.
