Mortgage Industry Update
Bank of Canada Maintained Their Rate - At 10:00 am EST, Wednesday October 19th, the Bank of Canada maintained their overnight rate which in essence means no change to the interest rate on your variable rate mortgage, line of credit and/or student loans..
Next Bank of Canada Interest Rate Announcement - December 7, 2016
New Mortgage Qualification Rules - The new Mortgage qualification benchmark rate has been implemented as of October 17th 2016. The change is for insured mortgages going forward from this date. Any insured mortgage will be qualified at the benchmark rate of 4.64% and no longer at the lower discounted rate for terms 5 years and over.
TD Bank Raises Mortgage Rates - As of November 1st 2016 TD Bank created a new mortgage Prime Rate of 2.85%. This change will only effect those in variable rate mortgages. So far TD Bank is the only major bank to do this, only time will tell if other banks will as follow.
THE RED DOOR MORTGAGE GROUP - MORTGAGE ARCHITECTS