Upcoming changes to the qualifying rate for uninsured mortgages

Effective June 1, 2021, the qualifying “stress test” rate for uninsured mortgages will increase from the current 4.79% to 5.25%. Even though this is an artificially high rate just for qualification purposes, it still takes a bit out of your borrowing power. Here is what we know so far: Does this apply to both uninsured and insured mortgages? As of …