Over the past 50 years consumers have saved money by choosing a variable rate mortgage, as long as they hold onto that variable rate over their term. Variable rate is still a lower option, but with the pending increase in the prime rate of another 1/4% in September and fixed rates close to historic lows, more Canadians may be favoring the fixed rates.
Fixed or variable, this seems to always be the question. One answer is if you are currently in a variable rate mortgage and are comfortable with your financial situation and don't need to fix your mortgage payments, you may want to ride it out. Click here to see the complete article form the Financial Post
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