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Mortgage Qualifying Rate (Bank of Canada)

CMHC defines the benchmark rate as the Chartered Bank — Conventional Mortgage 5-year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01 AM (Eastern Time) each Monday.

Clients will now have to qualify based on the benchmark interest rate on all insured mortgages and in some cases will also have the choice of qualifying with the benchmark interest rate for conventional mortgages to obtain a lower rate.


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