What’s the difference between a fixed rate mortgage and a variable rate mortgage?

A fixed rate mortgage lets you take advantage of a set interest rate and payment throughout your term. This can offer peace of mind when the prime rate increases, since your mortgage payments won’t change.

A variable rate mortgage is a loan where the interest rate is periodically adjusted based on the prime rate.

Learn more about fixed mortgage rates and variable mortgage rates.

Last updated April 30, 2024