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Happy Tuesday! This week we have seen a lot of lenders offering different rate sales and promotions and some lenders have announced a drop in their qualifying or benchmark rate. When qualifying for a variable rate mortgage, a line of credit or a mortgage term shorter than 5 years, lenders have been required to use a qualifying rate of about 5.34%. This week that rate has dropped to 4.99% with many lenders making it easier to qualify for non-5 Year Fixed products. Now is definitely the time to get pre-approved if you are planning to buy a home before July. Rate holds are good until the middle of July and can protect you against any rate hikes which may arise. Also, if you have your home purchase into CMHC prior to May 1st, you can avoid the premium increase. Call me today to get started!