Fixed Rates Going Up
Fixed rates have trended upwards in the last week or so, anywhere from 0.20-0.30% depending on the lender, after it was announced the BoC was increasing the overnight rate as well, which has lead to prime rates going up.
I do have access to one lender that has stated they're holding onto their current promotion until the end of July however, which is 0.40-0.50% lower than what most lenders are offering, especially on conventional files.
If you'd like more info, please PM or call/email. Can hold rates for up to 120 days on this one. (5-year fixed).
Stress Test Across the Board?
On another note - an interesting proposal unfolding, as the Finance Minister hints at including the stress test for conventional mortgages as well, meaning mortgages with > 20% equity/down payment. This would even the playing field between banks and monoline lenders, as monoline lenders back-end insure even their conventional mortgages, therefore having to use the stress test on conventional "insurable" files.
http://www.bnn.ca/video/~1170595?hoo...5b9ba89079d3da