Are mortgages fixed or variable?

Mortgage interest rates can be either fixed or variable. A fixed rate mortgage has an interest rate that remains the same for the life of the loan, while a variable rate mortgage has an interest rate that can fluctuate over time. There are benefits and drawbacks to both types of mortgages.fixed-rate mortgages offer stability and predictability, which can be helpful if interest rates are expected to rise in the future. Variable-rate mortgages may offer lower interest rates initially, which can save borrowers money in the short term. However, they can also be subject to sharp increases if interest rates rise unexpectedly. As a result, borrowers should carefully consider their financial goals and needs before choosing a mortgage type.

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