Short-term fixed re-emerging as alternative

Variable rates are back in fashion after the Bank of Canada lowered the overnight  lending rate in January, and economists expect another decrease in the near future.

Yet, even though variable rates make sense, most borrowers are still leaning toward fixed-rate mortgages for no reason other than certainty. Consumers like to know what their mortgage rate is going to be.

The good news is there are options for risk-averse borrowers who don't want to dive into the variable-rate waters, but still want the low rates that come with the floating products.

Best options beyond five-year terms

 With interest rates remaining at all-time lows and, for the first time in years, staying that  way this fall, some consumers are starting to wonder whether a five-year fixed mortgage is    the best option – especially given recent news of payout penalty nightmares.

As a result, we have selected our top three non five-year mortgage products for the fall market.