Quote:
Originally Posted by Komskies
Assuming the rates never go up. The BoC has increased rates twice since June 1st.
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No it assumes rates go up. The whole point of a fixed rate mortgage is that you're asking the bank to take on interest rate risk for you. They're not going to do that without a premium. This is why long term you're better off on variable rate (if we're talking pure dollars and cents). Most people, however, prefer the comfort and stability of a fixed rate mortgage. Having a mixed mortgage allows you to get some benefits from both fixed and variable.