Fixed or Variable: Choosing the Right Mortgage Rate

The fixed-versus-variable decision is one of the most common questions we hear, and it's less about predicting where rates are headed than about how much certainty you want in your monthly budget.

A fixed rate locks your payment for the term, which makes budgeting simple and removes the stress of rate movements entirely. The tradeoff is that you don't benefit if rates fall, and breaking a fixed-rate mortgage early can carry a larger penalty.

A variable rate moves with the market. Historically it has often cost less over the life of a mortgage, but that comes with genuine month-to-month uncertainty, and payments can rise if rates do. Many variable products also offer more flexibility if you need to break the term early.

There's no universally right choice — it comes down to your tolerance for payment fluctuation and your broader financial picture. We're glad to walk through both scenarios with your actual numbers so the decision feels less like a guess.