As interest rates continue to go up, borrowers have to be wondering what's the best mortgage choice? In a time of uncertainty, it's about managing risk which looks different for different people.
Historically borrowers either have chosen a variable rate mortgage where the interest rate will fluctuate or a 5 year fixed rate. Fixed rates are most popular with those who want or need to know what their cost will be each month.
New times call for new thinking & strategies to minimize risk so maybe a 5 year at current higher rates isn't the best choice now. A shorter term, locking in for just a couple of years, will give certainty in the short term but allow room for interest rates to come down as they have historically.
I always recommend speaking with your lender & ideally, a good mortgage broker who has more options available to lenders. An experienced realtor will always be able to make recommendations.
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