Fear of rising interest rates is causing more Canadians to opt for fixed-rate mortgages over variable-rate alternatives that could save them thousands of dollars in payments, according to a leading expert.
Justin Thouin, CEO and co-founder of LowestRates.ca, is calling for consumers to base their mortgage decisions on 30 years of downward trending rates, rather than locking in on a guess about what the Bank of Canada will do during the life of a mortgage.
“Canadians have become more concerned about not being able to pay their mortgage. They want to lock their mortgage rate in so they know the amount they have to pay in interest,” he told CTVNews.ca. “It’s a fear-based response.”
The Bank of Canada cautiously held its key interest rate at 1.25 per…