Thursday, 22 August 2013

Is Bank of Canada Qualifying Rate heading up?

To follow up on my post yesterday on RBC raising 5-year Posted Rate:

Here's an article by CMT:

"August 21, 2013
“If a few more banks follow RBC’s lead, the benchmark qualifying rate will rise accordingly. That would mark the first increase in the benchmark rate in more than 500 days (since April 2012).
A higher benchmark rate makes it tougher to qualify for a variable, HELOC or 1- to 4-year fixed term.”

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