Even with fixed mortgage rates lower than variable ones, locking in isnt a slam dunk
Normally, switching from a variable rate to a fixed one before the end of your mortgage term means signing up for a higher rate. Fixed mortgage rates are usually higher than variable rates because people are willing to pay extra for the comfort of knowing their interest rate will not change.
Original Article Source Credits: Global News , https://globalnews.ca/
Article Written By: ERICA ALINI
Original Article Posted on :November 16, 2019
Link to Original Article: https://globalnews.ca/news/6162336/switching-from-variable-to-fixed-mortgage-rate/