Bank of Canada Lowers Benchmark Qualifying Rate to 4.79%

Author: Keith Uthe Demystifying Mortgages | | Categories: Business Financing , Certified Real Estate Investment Adviser , Commercial Financing , Construction Mortgage , Debt Consolidation , Home Mortgage , Licensed Mortgage Agent , Lowest mortgage rate , Mortgage Associate , Mortgage Broker , mortgage interest , mortgage preapproval , mortgage prequalifying , Mortgage Rates , Mortgage Refinancing , Mortgage Specialist , Rental Property Financing , Second Mortgage

Bank of Canada Lowers Benchmark Qualifying Rate to 4.79 - Blog by Keith Uthe Demystifying Mortgages

For the second time since the beginning of the pandemic, the Bank of Canada has lowered the benchmark qualifying rate a further .15% to 4.79%. For a buyer with an annual income of $80,000 that is approximately $6,300 of additional mortgage space compared to the previous qualifying rate of 4.94% and approximately $11,000 more than the qualifying rate of 5.04% that was in place at the beginning of the pandemic.

Although these may not seem like large amounts they can certainly make a difference when it comes to negotiating a purchase price or if you were previously just short of being able to buy at a value that was just out of your reach.

Find out how much you can qualify for with my 2-minute prequalification tool. Go here now https://bit.ly/mortgageprequalify2mins



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