As of October 17, 2016, all new mortgages that are high ratio (less than 20% down) will have to qualify using a stress test rate. That rate is called a bench mark rate (currently today it is 4.64%). Clients will still receive the lowest discounted rate however they now have to prove, that if rates were to increase, that they are in a position to handle the increase.
If you have any questions regarding the new rates please call either Pam or Doug at 780-436-0390.