Folks still prefer fixed mortgage rates over VRM (variable rate mortgages) study from CIBC shows:
Brokers may be touting the advantages of variable-rate mortgages but more and more Canadians believe fixed-rate options are preferable in the current environment.
"Even though we've had a relatively stable rate environment for a number of years, Canadians are being prudent when it comes to mortgage planning and are factoring in the possibility of higher rates in the near future," Barry Gollom, vice-president, secured lending and product olicy at CIBC said in an official relase. "With fixed rates near historic lows, Canadians see an opportunity to lock in for a number of years in order to reduce the risk of expected higher interest costs."
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