Home Mortgage Rates

Term Rate
Prime 2.75%
Variable 2.05%
1 Year 2.54%
3 Year 2.90%
4 Year 3.79%
5 Year 3.69%
10 Year 5.35%

Qualifying Rate

Aug 31 5.39%

Current Inflation

July 1.8%

5 Year Bond Yield

Aug 31 2.04%

 

Special conditions apply
Mortgage Rates subject to change.

 

Debt servicing ratios (GDS / TDS ratios)

Debt servicing ratios are the ratios used to calculate debt owed by someone looking to obtain a mortgage.

Gross Debt Service Ratio (GDS): The percentage of the borrower’s income that is needed to make all payments for costs associated with housing. There is a maximum amount associated with this ratio to ensure that borrowers can afford to carry the debt.

Total Debt Service Ratio (TDS): The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments. Essentially debt payments. The max TDS is generally 40-42% for a conventional mortgage and up to 44% for a high ratio mortgage when a client has excellent credit.