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Yogesh Bansal MORTGAGE BROKER

Yogesh Bansal

MORTGAGE BROKER


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96 Rexdale Blvd, Toronto, Ontario

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Canadians are locking into Fixed Rate Mortgages (Part 1)

4/23/2014

A recent poll conducted by Nielsen finds that nearly half of Canadians don't think low rates will last forever and expect mortgage rates to be higher a year from now. The poll also shows that Canadians are increasingly focused on moving to fixed-rate mortgages.

 

According to the Consumer Insights survey, many Canadians still prefer fixed mortgage rates over VRM (Variable Rate Mortgages). The survey found that about 48% of Canadians would choose a fixed rate mortgage if they had to make that decision today, 31% would choose variable rate mortgage today, and 19% were undecided as to which type of mortgage they would choose.

 

The survey also notes, that although Canadians have had a relatively stable rate environment for a number of years, they are becoming more prudent when it comes to mortgage planning. By locking into a fixed rate mortgage, Canadians reduce their risk of an increase in interest rates during the term of their mortgage.

 

If you are unsure about choosing between a Fixed Rate Mortgage or Variable Rate Mortgage, feel free to contact me and I will be happy to assist you.

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