Benchmark rate at 5.44%

If you want a 1 to 4 year fixed term or a variable you're qualifying at 5.44% as of yesterday morning.

This is a high rate and does put a variable, my favourite product, out of touch for some people.

If you want a 5 year fixed or higher i.e 7 or 10 year, then you qualify on the contract rate. Which today is in around the high 3's to low 4's. Big difference from the 5.44%

If you are going conventional, putting 20% or more as a down payment, the non bank lenders will allow you to still qualify for the 1-4 and variable at their discounted 3 year rate. Which is mid to low 3's today.

This with the new changes to 30 year amortization, could definitely put some people out of the market.

I'm only sure better times are ahead. Once confidence is back, a little more lax on lending policies will follow.