The rapid increase in interest rates has dampened Canadians' enthusiasm for variable-rate mortgages.
According to data from Ratehub.ca, inquiries for five-year variable rates have significantly decreased this year, accounting for only five percent of total submissions, compared to 26 percent in 2022.
On the other hand, interest in five-year fixed mortgage rates has risen to 79 percent from 66 percent in the previous year.
During the height of the pandemic, variable-rate mortgages were popular as the...
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