The new mortgage rules introduced on January 1, 2018 changed the way lenders qualify applicants for mortgages. Each mortgage application is now tested for a rate increase of up to 2% above the current rates. When qualified at the “test rate” determined as “the current rate + 2%”, you will be able to borrow about 20% less than under the previous rules. In simple terms, under the new rules you will be able to buy “less of a house” than before.