Aware of all the potential changes that are coming in the next few weeks and a strong realization of the material impact that they could have on the mortgage marketplace, there is great focus on and conversation about what mortgages should look like now and what the wise choices for consumers are.
Knowing that the odds are heavily stacked for a rate increase sooner rather than later, the real question comes down to locking in now, or choosing the variable rate option. It seems, overwhelmingly, from those with their fingers on the pulse of the mortgage market, the answer is variable rate.
A very timely question with mortgage rates expected to move up over the next 1-2 years. Variable rate is clearly the better option as long if you can sleep at night as interest rates move upward during the term of the mortgage. Are you buying a house or renewing a mortgage? Which option are you leaning toward?