5-Year Fixed and Variable Mortgage Rates

From 2006 - Today

The Rates I Offer You!

Popularity of each Type mortgage rates


Popularity of each Type mortgage rates

Fixed mortgage rate
  • Description

    Set for the duration of the mortgage term.
    Mortgage interest rate and payments are fixed.

  • PROS

    Can essentially ‘set it and forget it’, regardless of whether rates rise or fall. Eases budgeting anxiety and offers stability.

  • CONS

    If the difference between the variable and fixed rate is significant, it may not be worth paying a premium for the stability protection of a fixed rate.

Variable mortgage rate
  • Description

    Fluctuates with the market interest rate, known as the ‘prime rate.’ Mortgage payments either fluctuate with fluctuations in the prime rate, or the interest portion of the payment varies.

  • PROS

    Examined historically, variable rates have proven to be less expensive over time.

  • CONS

    Consider the financial uncertainty: significant increases in the prime rate will increase your interest payable and, thus, financial burden.

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121 Brock Street,
Sault Ste. Marie, Ontario
Canada P6A 3B6

  •    1.705.255.1917

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Jason Sproule
Mortgage Agent

Licence # M15001106
CENTUM Mortgage Approval Centre Inc.
Licence #: 10244