Tag : fixed rate mortgages

Fixed Rate Mortgages Are Now More Sought After Than Variable Rate Mortgages

According to most mortgage brokers today, fixed rate mortgages are outnumbering variable rate mortgages. Until a few years ago, variable rate mortgages were the savvy homeowner’s go to choice, where the homeowner typically paid a lower interest rate for a variable rate compared with a fixed rate, and the borrowing costs would adjust when the Bank of Canada changed its overnight rate. Since the summer of 2017, the Bank of Canada has been nudging up interest rates. We now have short, medium and long term interest rates that are very close to each other. Normally the rates go up as…

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