Good news!! Benchmark rate falls.

The Benchmark rate or Qualifying rate ensure borrowers can handle their payments if rates go up. In practice, lenders use the qualifying rate to calculate your debt service ratios. Lenders then check to ensure your debt ratios are low enough to meet their guidelines.

Keep in mind, your payments are typically based on the contract rate (i.e., the regular rate you are quoted), not the qualifying rate. As of October 17, 2016, all insured mortgages must be qualified using the Benchmark rate (the posted 5-year fixed rate, as published every Wednesday by the Bank of Canada)