It is go time for Variable Rate Mortgages again??
Should you choose a variable or fixed rate mortgage?
This is the question everyone is asking right now! And with the rapid changes happening in the market, variable rate mortgages could be something to consider if you’re purchasing a property the next year!
Why should you consider a variable rate mortgage?
Based on what the market is telling us, fixed rates mortgages are likely to continue to decline as we move into 2024.
It’s almost like taking a look into a crystal ball. Watching the Government of Canada bond yields that have decreased what feels like … Every. Single. Day. in recent weeks.
Variable rates could be important to consider, because you might be able to take a variable rate now & then lock that variable into a fixed rate just a bit lower in the coming months.
BUT - Here are a few reasons you wouldn’t choose a variable rate mortgage:
A variable rate mortgage will keep you up every night. (Your mortgage shouldn’t be stressing you out folks)
You are purchasing a property with less than 20% down — there are some amazing fixed rates specials (think 4.99%)
You work in a career where your income NEVER CHANGES & your payment is everything to you. You just want to set it and forget it.
