If you currently have a variable-rate mortgage, you may be wondering whether now is the right time to switch to a fixed mortgage rate.

Just a couple of months ago, the mortgage-rate landscape looked different. Since then, many lenders have increased their fixed mortgage rates, while variable mortgage rates remain lower than many available fixed-rate options.

So, is switching from variable to fixed still the right move?

In this article and accompanying video, we take a closer look at the current fixed vs. variable mortgage rate conversation, why fixed rates have moved higher, and what variable-rate mortgage holders may want to consider before making a change.

Fixed vs. Variable: Why the Difference Matters

A fixed-rate mortgage provides payment and interest-rate certainty for the term of the mortgage, while a variable-rate mortgage can change as the underlying interest-rate environment changes.

When the gap between fixed and variable rates changes, the decision becomes more complicated.

For someone currently holding a variable mortgage, switching to a fixed rate may provide greater payment certainty—but it can also mean accepting a higher rate today.

Should You Lock Into a Fixed Rate?

There isn't one answer that works for every borrower.

Your decision can depend on:

• Your current variable mortgage rate

• The fixed rate being offered to you

• The remaining term of your mortgage

• Your mortgage balance

• Your financial situation

• Your comfort with changing payments

• Your expectations and plans over the next few years

In the video, I explain why if I were personally in this situation today, I would be inclined to remain variable and watch how the market develops.

However, that's a personal perspective—not financial advice or a recommendation for anyone else.

Every mortgage situation is different, and borrowers should consider their own circumstances before deciding whether to switch.

Don't Make the Decision Based on Rate Alone

The lowest advertised rate isn't necessarily the most suitable mortgage for everyone.

Before switching from variable to fixed, it's important to understand the rate difference, mortgage terms, prepayment privileges, penalties and potential costs of making the switch.

Sometimes the bigger question isn't simply:

“Which rate is lower?”

It may be:

“Which mortgage structure makes the most sense for my financial situation and risk tolerance?”

Watch the Full Video

In this video, I break down the current fixed vs. variable mortgage rate situation and explain what has changed recently and what variable-rate mortgage holders may want to think about before locking in.

Whether you're currently in a variable mortgage, considering a refinance, or simply trying to understand where mortgage rates are heading, this discussion can help you understand the factors that may influence your decision.

Important: This content is for general educational and informational purposes only and should not be considered financial advice. Mortgage rates and lender policies can change, and individual mortgage decisions should be based on your specific financial circumstances.

Questions about your mortgage options?

📞 403-889-5666
DLC Mortgages are Marvellous