In 2022, financial experts have been homing in on mortgage rates. Market analysts believe the Bank of Canada (BoC) will raise interest rates. The debate among housing observers, economists and investors is by how much. And with all this talk of fixed vs variable rate mortgages, what is the difference between the two products anyway? Let’s explore.
When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage.