Is a fixed or variable mortgage rate better in today’s market?
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Tagged: home buying, interest rates, Mortgage, personal finance
I’m a first-time buyer and torn between choosing a fixed or variable mortgage rate. With rates shifting so much lately, it’s hard to tell what’s actually safer long-term. One lender says lock in now, another suggests going variable to save, if I can handle the risk. I’d love to hear what others chose recently and how it’s worked out for you. Real experiences would help way more than generic advice right now.
I was in your shoes recently and it’s a tough call. I chose a fixed rate because I wanted stability and predictable payments each month. A friend of mine went variable and while they saved early, the recent hikes hit their budget hard. It really depends on your risk comfort and how much wiggle room you have in your finances. Running both scenarios against your budget can make the choice a lot clearer.
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