Fixed Rate Mortgages

A fixed rate mortgage, unlike a variable or adjustable rate mortgage, maintains your monthly mortgage payment at a constant level even when interest rates change. You pay a slightly higher interest rate than you would with a variable rate mortgage, but the rate remains constant even if interest rates go up. Over the 5 year term of a mortgage interest rates can change considerably. With the fixed rate mortgage your rate is locked in for the entire term of the loan. In today's rising rate environment a fixed rate mortgage makes good financial sense. It is expected that rates may climb considerably over the coming years as we have passed the bottom of the interest rate cycle. The variable rate loan may eventually become more expensive than today's fixed rate. If you are considering re-financing your home today you should consider a fixed rate mortgage. An online mortgage broker can assist you with getting the very best rates on your fixed rate mortgage.

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