Mortgage Insurance Rates Are On The Rise

The premium rates for new mortgage loan applications are as follows:

Down payment % Standard premium (current) Standard premium (before March 17)
5% to 9.99% 4% 3.6%
10% to 14.99% 3.1% 2.4%
15% to 19.99% 2.8% 1.8%

Depending on where you live in the country and the price of your home, you could pay anywhere between $2 and $17 extra a month in CMHC premiums. On average, Canadians could pay an extra $2,600 over the course of 25 years.

Check out this infographic from Ratehub: