Stress test must be revised to reflect market realities – economist

Author: External Author | | Categories: Business Loan , Construction Loan , Private Mortgage , Second Private Mortgage , Self Employed Mortgage

Improved purchasing power will stem from the mortgage stress test being updated to reflect the sub-2% rates currently available in the market, according to economist Will Dunning.

The disparity is particularly jarring when one considers that new borrowers are tested against an interest rate of 4.79%, Dunning said in an interview with the Georgia Straight.

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Original Article Source Credits:   Mortgage Broker News ,

Article Written By:  Ephraim Vecina

Original Article Posted on:  11 Sep 2020

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