Mortgages | Should I Choose Variable or Fixed?

Mortgages | Should I Choose Variable Or Fixed?

Dec 11, 2023 | If you are planning to buy a home, or renew your mortgage soon, you might wonder if a fixed or variable rate mortgage is best for you. This will boil down to your risk tolerance. Variable and fixed rates are quite close right now, but many experts predict that rates will come down this year. Most variable rates offer fewer penalties for breaking and many lenders allow you to lock in if rates do start to go up. 

If we are indeed near the peak of the rate cycle, and rates do start to come down toward the middle of 2024, then choosing a variable rate, or a 2 or 3-year fixed rate mortgage may be the right option for you.

Please email us at mia@miamacdonald.ca or phone (416) 937-8734 if you need referrals to mortgage specialists in your area.