Howevever, the Ratessdotca report cites the mortgage stress test as a possible reason for the increased interest in variable mortgages since the qualifying rate is lower.
“Normally, it is predominantly fixed compared to variable,” Dan Eisner, chief executive of True North Mortgage, told Ratesdotca. “For the last few months, it’s been strongly variable versus fixed, with the qualifying rate being lower for variable, but as prime goes up, that qualifying rate goes up.”Article content
Variable rates, which are tied to the Bank of Canada benchmark, have been rising in lockstep with the rate hikes.
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