{"id":5646,"date":"2023-11-22T16:58:02","date_gmt":"2023-11-22T16:58:02","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=5646"},"modified":"2025-08-25T18:26:25","modified_gmt":"2025-08-25T22:26:25","slug":"fixed-vs-variable-mortgage-rates","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/","title":{"rendered":"The Homebuyer&#8217;s Guide to Fixed and Variable Mortgage Rates"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-1\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Fixed_vs_Variable_Mortgages_A_Simple_Guide\" title=\"Fixed vs. Variable Mortgages: A Simple Guide\">Fixed vs. Variable Mortgages: A Simple Guide<\/a><ul class=\"ez-toc-list-level-2\"><li class=\"ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Fixed-Rate_Mortgages_What_They_Are\" title=\"Fixed-Rate Mortgages (What They Are)\">Fixed-Rate Mortgages (What They Are)<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Benefits_of_Fixed-Rate_Mortgages\" title=\"Benefits of Fixed-Rate Mortgages\">Benefits of Fixed-Rate Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Risks_of_Fixed-Rate_Mortgages\" title=\"Risks of Fixed-Rate Mortgages\">Risks of Fixed-Rate Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Variable-Rate_Mortgages_What_They_Are\" title=\"Variable-Rate Mortgages (What They Are)\">Variable-Rate Mortgages (What They Are)<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Benefits_of_Variable-Rate_Mortgages\" title=\"Benefits of Variable-Rate Mortgages\">Benefits of Variable-Rate Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Risks_of_Variable-Rate_Mortgages\" title=\"Risks of Variable-Rate Mortgages\">Risks of Variable-Rate Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#How_to_Choose_Fixed_vs_Variable\" title=\"How to Choose: Fixed vs. Variable\">How to Choose: Fixed vs. Variable<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Switching_Later_Converting_Your_Rate\" title=\"Switching Later (Converting Your Rate)\">Switching Later (Converting Your Rate)<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Negotiating_a_Better_Rate\" title=\"Negotiating a Better Rate\">Negotiating a Better Rate<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Prepayments_Penalties\" title=\"Prepayments &#038; Penalties\">Prepayments &#038; Penalties<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Types_of_Fixed_Variable_Mortgages\" title=\"Types of Fixed &#038; Variable Mortgages\">Types of Fixed &#038; Variable Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#How_Prime_Rate_Affects_Variable_Mortgages\" title=\"How Prime Rate Affects Variable Mortgages\">How Prime Rate Affects Variable Mortgages<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5646\" class=\"elementor elementor-5646\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-842394d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"842394d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-56d5117\" data-id=\"56d5117\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c97b755 elementor-widget elementor-widget-html\" data-id=\"c97b755\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"utf-8\" \/>\n<title>Fixed vs. Variable Mortgages: A Simple Guide (Canada)<\/title>\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1\" \/>\n<style>\n  body { \n    font-family: system-ui, -apple-system, Segoe UI, Roboto, Arial, sans-serif; \n    line-height: 1.6; \n    color: #111; \n    margin: 24px; \n  }\n  h1, h2, h3 { \n    margin: 0 0 .4em; \n    line-height: 1.25; \n    font-weight: bold; \n  }\n  h1 { \n    font-size: 1.8rem; \n    margin-bottom: 1rem; \n  }\n  h2 { \n    font-size: 1.5rem;   \/* 24px *\/\n    margin-top: 2rem;    \/* extra top space *\/\n    margin-bottom: 1rem; \/* extra bottom space *\/\n  }\n  h3 { \n    font-size: 1.2rem; \n    margin-top: 1.5rem; \n    margin-bottom: .6rem; \n  }\n  p { margin: 0 0 .8em; }\n  ul { margin: .4em 0 1em 1.2em; }\n  li { margin: .25em 0; }\n  .faq dt { font-weight: 700; margin-top: .8em; }\n  .faq dd { margin: .25em 0 .8em 0; }\n<\/style>\n<\/head>\n<body>\n\n<article>\n  <h1><span class=\"ez-toc-section\" id=\"Fixed_vs_Variable_Mortgages_A_Simple_Guide\"><\/span>Fixed vs. Variable Mortgages: A Simple Guide<span class=\"ez-toc-section-end\"><\/span><\/h1>\n  <p>When you\u2019re shopping for a home loan, you\u2019ll make a key choice: a fixed-rate or a variable-rate (adjustable) mortgage. Both have pros and cons. Understanding the differences will help you pick what fits your budget, goals, and comfort with risk.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Fixed-Rate_Mortgages_What_They_Are\"><\/span>Fixed-Rate Mortgages (What They Are)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>With a fixed-rate mortgage, your interest rate and monthly payment stay the same for your full term. That predictability makes budgeting easier and protects you from market swings.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Benefits_of_Fixed-Rate_Mortgages\"><\/span>Benefits of Fixed-Rate Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Easier budgeting:<\/strong> Your payment is the same each month, which makes planning simple.<\/li>\n    <li><strong>Stable payments:<\/strong> It\u2019s clear how much goes to principal vs. interest, so you can map out payoff timelines.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Risks_of_Fixed-Rate_Mortgages\"><\/span>Risks of Fixed-Rate Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Starting rate:<\/strong> Fixed mortgages often begin with higher interest rates than variable ones.<\/li>\n    <li><strong>Less flexibility:<\/strong> If market rates fall, you only benefit by refinancing, which may involve fees.<\/li>\n    <li><strong>Prepayment penalties:<\/strong> Ending your term early can mean large fines, often based on the Interest Rate Differential (IRD).<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Variable-Rate_Mortgages_What_They_Are\"><\/span>Variable-Rate Mortgages (What They Are)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Variable rates move with a lender\u2019s prime rate, which changes with economic conditions and inflation outlooks. Payments (or amortization) can change when prime moves. You can save when rates drop, but there\u2019s less certainty.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Benefits_of_Variable-Rate_Mortgages\"><\/span>Benefits of Variable-Rate Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Potential savings:<\/strong> Variable mortgages usually start with lower interest rates than fixed ones.<\/li>\n    <li><strong>Flexibility:<\/strong> Many allow extra payments, faster payoff, or converting to a fixed rate later.<\/li>\n    <li><strong>Lower penalties:<\/strong> If you break a variable term, fees are often smaller (commonly three months\u2019 interest).<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Risks_of_Variable-Rate_Mortgages\"><\/span>Risks of Variable-Rate Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Uncertainty:<\/strong> If rates rise, your cost can rise too, which may strain your budget.<\/li>\n    <li><strong>Less predictability:<\/strong> Changing rates make long-term planning harder.<\/li>\n    <li><strong>Conversion cost:<\/strong> If you switch to fixed when market rates are higher, your new fixed rate will also be higher.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_to_Choose_Fixed_vs_Variable\"><\/span>How to Choose: Fixed vs. Variable<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Budget stability:<\/strong> If you want predictable payments, fixed is safer.<\/li>\n    <li><strong>Market view:<\/strong> Variable can make sense when rates are very low or expected to drop; fixed can protect you if rates may rise.<\/li>\n    <li><strong>Risk tolerance:<\/strong> Comfortable with swings? Variable could work. Prefer certainty? Choose fixed.<\/li>\n    <li><strong>Time horizon:<\/strong> Moving\/refinancing soon? Variable may be fine. Staying long-term? Fixed offers consistency.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Switching_Later_Converting_Your_Rate\"><\/span>Switching Later (Converting Your Rate)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Variable \u2192 Fixed:<\/strong> Many lenders let you lock in during your term or at renewal (ask about timing and any costs).<\/li>\n    <li><strong>Fixed \u2192 Variable:<\/strong> Possible at renewal; mid-term changes depend on your lender\u2019s rules and fees.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Negotiating_a_Better_Rate\"><\/span>Negotiating a Better Rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Rates follow the market, but you can still try to negotiate for a better deal:<\/p>\n  <ul>\n    <li><strong>Compare offers:<\/strong> Get quotes from multiple lenders.<\/li>\n    <li><strong>Strengthen your file:<\/strong> Good credit, steady income, manageable debts, and a solid down payment help.<\/li>\n    <li><strong>Use relationships:<\/strong> Ask your bank about loyalty discounts.<\/li>\n    <li><strong>Ask for a match:<\/strong> If you find a lower rate elsewhere, see if they\u2019ll match or beat it.<\/li>\n    <li><strong>Work with a mortgage broker:<\/strong> Brokers have access to many lenders and can often secure better rates or terms than going directly to one bank.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Prepayments_Penalties\"><\/span>Prepayments &#038; Penalties<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Prepayments:<\/strong> Extra payments (within your privilege limits) reduce interest and help you finish faster. Check your contract for annual\/periodic limits.<\/li>\n    <li><strong>Penalties for breaking:<\/strong> Fixed terms often use IRD (can be costly). Variable terms are usually three months\u2019 interest.<\/li>\n    <li><strong>Open vs. closed:<\/strong> Open mortgages allow full prepayment anytime (higher rates). Closed mortgages have limits (lower rates).<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Types_of_Fixed_Variable_Mortgages\"><\/span>Types of Fixed &#038; Variable Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Open fixed:<\/strong> Fixed rate with freedom to pay off or switch anytime (usually higher rate).<\/li>\n    <li><strong>Closed fixed:<\/strong> Locked rate and payment for the term; limits on extra payments; penalties if you break early.<\/li>\n    <li><strong>Open variable:<\/strong> Rate moves with prime; you can pay off or change anytime without penalty (usually higher rate than closed).<\/li>\n    <li><strong>Closed variable:<\/strong> Rate moves with prime; limits on extra payments; lower rate than open; penalties apply if you break.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Prime_Rate_Affects_Variable_Mortgages\"><\/span>How Prime Rate Affects Variable Mortgages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul>\n    <li><strong>Prime moves:<\/strong> Driven by the economy and inflation expectations. Variable rates rise or fall as prime changes.<\/li>\n    <li><strong>Payment impact:<\/strong> When prime drops, more of your payment may go to principal; when it rises, more goes to interest.<\/li>\n    <li><strong>Rate caps:<\/strong> Some lenders offer caps (a maximum rate) to limit how high your rate can go.<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <dl class=\"faq\">\n    <dt>Which is better: fixed or variable?<\/dt>\n    <dd>It depends on you. If you value certainty, choose fixed. If you\u2019re comfortable with some risk to potentially save money, variable can work.<\/dd>\n\n    <dt>What are the downsides of a variable-rate mortgage?<\/dt>\n    <dd>Rates can rise. That can increase your cost and make budgeting harder. Make sure your finances can handle potential payment changes.<\/dd>\n\n    <dt>Will my payment change with a variable mortgage?<\/dt>\n    <dd>It depends on the product. Some variable mortgages change your <em>payment<\/em> when prime moves. Others keep the payment the same and adjust the <em>amortization<\/em>. Ask which type you\u2019re being offered.<\/dd>\n\n    <dt>How often do variable rates change?<\/dt>\n    <dd>Variable mortgage rates change when your lender\u2019s prime rate changes. The prime rate usually moves after the Bank of Canada updates its policy interest rate. The Bank of Canada has 8 scheduled rate announcements each year (about every 6 weeks), though it can also act outside those dates in unusual circumstances. So, while changes aren\u2019t monthly or automatic, they typically happen on these announcement dates when the Bank adjusts its rate.<\/dd>\n\n    <dt>Can I switch from variable to fixed later?<\/dt>\n    <dd>Often, yes. Many lenders let you lock in during your term. Your new fixed rate will be the lender\u2019s rate on the day you switch.<\/dd>\n\n    <dt>What if rates go up and I\u2019m worried?<\/dt>\n    <dd>Consider locking into a fixed rate, increasing your payments (within your prepayment limits), or making lump-sum prepayments to stay on track.<\/dd>\n\n    <dt>Are penalties different for fixed vs. variable?<\/dt>\n    <dd>Usually yes. Fixed terms often use IRD (can be higher). Variable terms are commonly three months\u2019 interest.<\/dd>\n  <\/dl>\n\n  <h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Fixed rates offer stability and simple budgeting. Variable rates can save money when prime is flat or falling, but they add uncertainty. Think about your budget, how long you\u2019ll keep the mortgage, your comfort with risk, and today\u2019s market. Review prepayment options and penalties in your contract, and don\u2019t hesitate to get advice so you can choose the option that fits you best.<\/p>\n<\/article>\n\n<\/body>\n<\/html>\n\n\n\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Fixed vs. Variable Mortgages: A Simple Guide (Canada) Fixed vs. Variable Mortgages: A Simple Guide When you\u2019re shopping for a home loan, you\u2019ll make a key choice: a fixed-rate or a variable-rate (adjustable) mortgage. Both have pros and cons. Understanding the differences will help you pick what fits your budget, goals, and comfort with risk.&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/fixed-vs-variable-mortgage-rates\/\">Continue reading <span class=\"screen-reader-text\">The Homebuyer&#8217;s Guide to Fixed and Variable Mortgage Rates<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-5646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2.png",924,693,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-150x150.png",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-300x225.png",300,225,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-768x576.png",750,563,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1024x768.png",750,563,true],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1536x1152.png",924,693,true],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-2048x1536.png",924,693,true],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1568x1176.png",924,693,true],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-333x250.png",333,250,true]},"post_excerpt_stackable":"<p>Table of Contents Fixed vs. Variable Mortgages: A Simple GuideFixed-Rate Mortgages (What They Are)Benefits of Fixed-Rate MortgagesRisks of Fixed-Rate MortgagesVariable-Rate Mortgages (What They Are)Benefits of Variable-Rate MortgagesRisks of Variable-Rate MortgagesHow to Choose: Fixed vs. VariableSwitching Later (Converting Your Rate)Negotiating a Better RatePrepayments &#038; PenaltiesTypes of Fixed &#038; Variable MortgagesHow Prime Rate Affects Variable MortgagesFrequently Asked QuestionsConclusion Reading Time: 4 Min Fixed vs. Variable Mortgages: A Simple Guide (Canada) Fixed vs. Variable Mortgages: A Simple Guide When you\u2019re shopping for a home loan, you\u2019ll make a key choice: a fixed-rate or a variable-rate (adjustable) mortgage. Both have pros and cons. Understanding&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/admin\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2.png",924,693,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-150x150.png",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-300x225.png",300,225,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-768x576.png",750,563,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1024x768.png",750,563,true],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1536x1152.png",924,693,true],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-2048x1536.png",924,693,true],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-1568x1176.png",924,693,true],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2-333x250.png",333,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents Fixed vs. Variable Mortgages: A Simple GuideFixed-Rate Mortgages (What They Are)Benefits of Fixed-Rate MortgagesRisks of Fixed-Rate MortgagesVariable-Rate Mortgages (What They Are)Benefits of Variable-Rate MortgagesRisks of Variable-Rate MortgagesHow to Choose: Fixed vs. VariableSwitching Later (Converting Your Rate)Negotiating a Better RatePrepayments &#038; PenaltiesTypes of Fixed &#038; Variable MortgagesHow Prime Rate Affects Variable MortgagesFrequently Asked QuestionsConclusion Reading Time: 4 Min Fixed vs. Variable Mortgages: A Simple Guide (Canada) Fixed vs. Variable Mortgages: A Simple Guide When you\u2019re shopping for a home loan, you\u2019ll make a key choice: a fixed-rate or a variable-rate (adjustable) mortgage. Both have pros and cons. Understanding&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/admin\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/11\/924710CD-A81D-4AF5-9D96-D34BCE0478D2.png","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/5646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=5646"}],"version-history":[{"count":36,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/5646\/revisions"}],"predecessor-version":[{"id":15879,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/5646\/revisions\/15879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/5647"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=5646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=5646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=5646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}