Banks and other Mortgage lenders reduced their mortgage qualifying rate last week from 5.34% to 5.19%. The main reason for this was to stay within the 2% range which is now added to the average discount rate for qualifying mortgage borrowers. A conventional mortgage fixed rate is now averaging 3.19% and the High Ratio mortgage (CMHC Insured) fixed rate is averaging 2.79%. At 5.19% the qualifying rate stays roughly at 2% above the average discount rate to stay in line with the new mortgage qualifying rules. Does this make much of a difference to a borrower? Roughly $8000.00 in extra borrowing power.