Fixed Vs. Variable Mortgage Rates

Since January 1995, the 5 Year Canadian Bond Rate is down from a high of 8.9% to a low of .6% then rebounding to 1.2% in 2017.  This has caused the 5 year fixed mortgage rates which are priced off of the bond rate to be at their lowest levels in a long time. The question at this point is will the rates remain low or will they continue to climb higher.

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With there being uncertainty if the rates will remain low or start to climb we are finding more clients are torn between going with a Fixed Rate or a Variable Rate. Our advice has always been and continues to be, it depends on each clients unique financial situation and their tolerance for risk.

In light of the recent movement in the rates if you are struggling with the question of which is a better fit for you, a Fixed or Variable mortgage, please send us a quick email and we can work through the numbers with you. We have found that once clients see all of the numbers based on the two scenarios they can very quickly decide which is a better fit for them.