Bank Of Canada Lowers Mortgage Rate To 4.79%

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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

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Based in Edmonton, Stefan Cherwoniak is a mortgage broker at Quickfire Mortgage Solutions, providing his services across Sherwood Park, St. Albert, Edmonton & the surrounding areas.