Feds hope to cool red hot housing market
The federal government debuts a new mortgage stress test today which could hurt some homeowners chances of buying a new house.
Under the new test if you qualified for a $500,000 dollar mortgage under the current minimum qualifying rate of 4.79 per cent, that amount will be reduced to $479,000 under the new qualifying rate of 5.25 per cent.
The test is designed to prevent people from getting in over their heads with debt and is also meant to cool the red hot housing market.
One mortgage expert says the goal of the stress test is to make sure people can afford their to keep their homes, if interest rates go up.
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