The decision between a fixed-rate and variable-rate mortgage has become particularly consequential, with interest rates in the home loan market at historically low levels. Variable-rate mortgages have become more expensive, while fixed-rate mortgages have also surged. Prospective borrowers must pay close attention to potential interest rate changes from the Bank of Canada when making their decision. Van Rooijen from Meridian Credit Union advises them to start with their budget and use an online calculator to calculate potential mortgage payments.
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