Both RBC and BMO cut a number of their posted mortgage rates this week, which should cause the mortgage stress test to fall from 5.04% to 4.99%, according to RateSpy.com.
Latest in Mortgage News: Stress Test Rate to Drop
“It’ll mark the first time since January 2018 (when OSFI’s stress test began) that this benchmark rate has been under 5%,” the site noted. “And, if one more bank matches BMO’s and RBC’s 4.94%, it could drop another 5 basis points.”
