Variable Rate Mortgage

Variable rate mortgage interest is usually lower than fixed rate mortgage interest because it can change during your mortgage term. When you have a variable rate mortgage and interest rates go up, so does the interest rate on your mortgage. Accordingly, if interest rates go down, so does the interest rate on your mortgage.

The risk is that if interest goes up significantly, what will that mean for someone with a variable rate mortgage? This all depends on how the terms of the variable rate mortgage were negotiated. Some variable rate mortgages will prescribe that if interest goes up, your mortgage payment will go up accordingly. Other variable rate mortgage lenders will simply adjust (increasing) the portion of your mortgage payment that is applied to interest vs. principal.

Individuals who do not have an appetite for risk and just want to have a pre-determined rate and mortgage schedule may be better served to choose a fixed rate mortgage that offers a fixed rate that won’t change during the term.
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Those who want to take advantage of the current interest rate, hoping that it will be the lowest interest rate are better served to choose a variable rate mortgage.

One way to mitigate fluctuating interest rates is to negotiate a variable rate mortgage that offers an option to lock-in. This way, if interest rates increase to a point where you become uncomfortable, you can lock-in whatever the current mortgage rate is.