A fixed mortgage rate means your interest rate will remain the same for the term of the mortgage, so your mortgage payment will always be the same for the term of the mortgage. Some people like the consistency and security knowing their payment won’t change.
A variable mortgage rate fluctuates depending on market conditions, and has the capacity to either increase or decrease your mortgage payment. Historically, variable rates have been the better choice. However, interest rates have never been lower than they are in today’s market, and many Canadians are taking advantage of fixed rates.
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