Canadian Mortgage Trends has taken a look at the ten effects these new rules may have, and this includes unsecured debt usage raising, negative personal consumption after softening home prices and rising rates. They also look at how depressing mortgage volumes will result from reduced purchase and refinance demand. Read the full 10 effects here.

Ted Rechtshaffen from the Globe and Mail also looks at how these new mortgage rules could help you lose out, and specifically retirement goals for some people. Let us know what you think of the new mortgage rules in the comments.

According to Forbes, total refinance applications accounted for 46.1 percent of total applications for the week ending May 23, this is compared to 48.2 percent for the week before. However there is a little hope, as the purchase volume rose by 0.1 percent, ok it’s not much but it is something.

The average interest rate now for a standard 30-year fixed-rate mortgage is now set at 5.96 percent; this is compared to 5.90 percent just a week earlier. The most popular mortgage is a 15-year fixed-rate which is what people go for when they what to refinance their home. The average rate is 5.49 percent compared to 5.42 for the week before.