Friday, 09 August 2024
By Leahs Mortgages
Leah Zlatkin quoted in CMP Magazine: ‘What’s next for fixed-vs-variable mortgages?’
https://www.mpamag.com/ca/mortgage-industry/industry-trends/whats-next-for-fixed-vs-variable-mortgages/500830
Speaking with Canadian Mortgage Professional in the wake of the Bank’s latest interest rate cut, Leah Zlatkin, chief operations officer and broker at Mortgage Outlet, pointed out that there remains a notable gap between the cost of a five-year fixed and a five-year variable mortgage. “It’s still maybe not a time when people are shifting the pendulum from fixed to variable, because there is still that debt variance,” she said.
Speaking with Canadian Mortgage Professional in the wake of the Bank’s latest interest rate cut, Leah Zlatkin, chief operations officer and broker at Mortgage Outlet, pointed out that there remains a notable gap between the cost of a five-year fixed and a five-year variable mortgage. “It’s still maybe not a time when people are shifting the pendulum from fixed to variable, because there is still that debt variance,” she said.
“And unless you believe that the Bank of Canada is going to go through another three decreases in rapid succession and you’re going to have time and energy to benefit off that [possible] 0.75% decrease well after it’s happened, because you need to make up for interest paid up front, I think for a lot of people variable may still not be the safest bet.”
