21 April 2014
“If you’ve just taken out your mortgage, and you have other debts to pay off, the stability of a fixed rate may be attractive for you”, – Gollom noted. “In the same time, if you’ve already paid off a significant portion of your loan, you may be not so vulnerable to any rate changes.”
In addition to it, the survey found that 47% of Canadians expect a rate hike during the next 12 months, which is up by 9% from the previous year.
“According to the poll’s results, younger consumers tend to prefer fixed mortgages more often: 56% of Canadians aged 25-34 said they would choose a fixed rate now. And this number has been growing over the past four years,” – the report states. “Meanwhile, homeowners aged 45-54 were less inclined to lock into fixed mortgage (43%).”
Please consult with professional mortgage broker to find out which mortgage product is the best fit for your particular situation. Today, brokers have the widest array of mortgages from many financial institutions and many of them have much more flexible options and better rates than “Big 5” products!