Making Sense of Variable Rate Mortgages
March 1st, 2010
A variable-rate mortgage is a mortgage where interest rates
fluctuate with the prime lending rate. (Prime is currently at
2.25%) Most variable rate mortgages can be locked into a fixed rate
mortgage without penalty providing you lock in for at least the
remainder of the term. Historically, variable-rate mortgages have
tended to cost less than fixed-rate mortgages when interest rates
are fair ...