analyzing mortgages taken out in October, an increasing number of borrowers were found to be opting for fixed-rate mortgages. Looking at the data, the report says, “it becomes clear that the penchant for security outweighs any benefits of flexibility that a variable mortgage can provide.”
October saw the Bank’s sixth rate hike since March, bringing its overnight lending rate up to 3.75%. With inflation remaining stubbornly high, some experts are predicting yet another rate hike in December.has anecdotally seen an uptick in fixed-rate mortgages, specifically for ones that range from one to three years, as a direct result of rising interest rates.
, CEO of True North Mortgage. “Now that the prime rate has moved up, qualifying for fixed and variable is similar. So, we’re seeing people trying to adapt to that normal dynamic. Right now, we are seeing an even split — more or less — between variable and fixed.”
Source: Loan Digest (loandigest.net)
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