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nesto’s Mortgage Stress Test Rates as of October 2, 2023

Stress Test Rate: The greater of the minimum qualifying rate and your mortgage rate + 2%

INSURED RATES

LOWEST FIXED RATELOWEST VARIABLE RATE
qualifying rate is =qualifying rate is =
(Get This Rate) + 2% (Get This Rate) + 2%
Insured rates apply on transactions with .downpayments < 20% & amortizations ≤ 25 years)

INSURABLE RATES

LOWEST FIXED RATELOWEST VARIABLE RATE
qualifying rate is =
qualifying rate is =
(Get This Rate) + 2% (Get This Rate) + 2%
Insurable rates apply on transactions with downpayments ≥ 20% & amortizations ≤ 25 years.

UNINSURED RATES

LOWEST FIXED RATELOWEST VARIABLE RATE
qualifying rate is =
qualifying rate is =
(Get This Rate) + 2% (Get This Rate) + 2%
Uninsured rates apply to refinancing, property values ≥ $1M, or amortizations > 25 years.

Details

Mortgage InsurabilityDownpayment / EquityAmortizationQualifying CriterionMortgage Qualifying Rate
Insured Purchase / RenewalLess than 20%Up to 25 yearsGreater of the benchmark MQR or contract Rate + 2%Fixed at
Variable at
Insurable Purchase / Renewal20% or moreUp to 25 yearsGreater of the benchmark MQR or contract Rate + 2%Fixed at
Variable at
Uninsured Purchase / Renewal / Refinance20% or moreUp to 30 yearsGreater of the benchmark MQR or contract Rate + 2%Fixed at
Variable at
As displayed on nesto’s Mortgage Rates page. Learn more about Insured, Insurable and Uninsured Mortgages.

Your mortgage qualifying rate (MQR) is the greater of 5.25% (also known as the benchmark minimum qualifying rate), or your mortgage contract rate + 2%. The mortgage qualifying criteria are set by the Office of the Superintendent of Financial Institutions (OSFI). The MQR could have differed between uninsured and insured mortgages in the past. However, since June 2021, they have both used the same mortgage qualifying rate. Prior to this convergence, uninsured mortgages qualified differently than insured mortgages.

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primerate =

month = October

year = 2023

datenumber = 10/02/2023

date = October 2, 2023

weekday = Monday

fixed_3 = is the insured 3-year rate

variable_3 = is the insured 3-year variable rate

fixed_5 =

variable_5 =

fixed_2 =

fixed_4 =

fixed_7 =

fixed_10 =

b6b_fixed_3 = 6.87% is the average Big Six 3-year insured fixed mortgage rate

b6b_variable_3 = 8.60% is the average Big Six 3-year insured variable mortgage rate

b6b_fixed_5 = 6.24%

b6b_variable_5 = 7.06%

These ones in blue do not exist yet but are also needed:

fixed_3_bp_week = [fixed_3_bp_week] is the weekly rate delta on the fixed 3-year insured at nesto

variable_3_bp_week = [variable_3_bp_week] is the weekly rate delta on the variable 3-year insured at nesto

fixed_5_bp_week = [fixed_5_bp_week]

variable_5_bp_week = [variable_5_bp_week]

fixed_3_bp_month = [fixed_3_bp_month] is the monthly rate delta on the fixed 3-year insured at nesto

variable_3_bp_month = [variable_3_bp_month] is the monthly rate delta on the variable 3-year insured at nesto

fixed_5_bp_month = [fixed_5_bp_month]

variable_5_bp_month = [variable_5_bp_month]

b6b_fixed_3_bp_week = up 12 basis points is the weekly rate delta on the fixed 3-year insured at bb6

b6b_variable_3_bp_week = unchanged is the weekly rate delta on the variable 3-year insured at bb6

b6b_fixed_5_bp_week = up 11 basis points

b6b_variable_5_bp_week = up 4 basis points

b6b_fixed_3_bp_month = up 13 basis points is the monthly rate delta on the fixed 3-year insured at bb6

b6b_variable_3_bp_month = unchanged is the monthly rate delta on the variable 3-year insured at bb6

b6b_fixed_5_bp_month = up 13 basis points

b6b_variable_5_bp_month = up 4 basis points

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Text for an express quote