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Scotiabank raised its posted five-year fixed rate to 5.44%

October 17, 2018

As mortgage rates are climbing, qualifying a mortgage becomes more difficult than before. The stress test has pushed some prospective homebuyers out of the market. As of today, the mortgage qualify rate is 5.34%, which means lenders now must to qualify you at the greater of the Bank of Canada’s five-year benchmark rate, currently 5.34% or a rate 2% higher than the rate offered to you.

Bank of Nova Scotia hiked its posted five-year fixed rate by 10 basis points to 5.44 per cent. As for variable mortgage rates, industrial expects to predict that rate hikes will continue in the following months, but right now the market is holding its breath for the Bank of Canada meeting on Oct. 24.

Source: https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-scotiabank-becomes-first-big-bank-to-hike-fixed-mortgage-rates/