Five-year terms hold firm as rate uncertainty keeps borrowers cautious
For brokers, the Rates.ca data reinforces what many are already hearing at the kitchen table: clients want a fixed rate, a longer term, and no surprises.
The variable conversation is worth having, but Tran cautions that it demands rigour.
“For borrowers willing to take that risk, there can still be short-term savings, but they need to be in a financial position to handle higher payments if rates rise. The lesson from the last rate-hiking cycle is not to make a decision based only on where rates are today.”
Among clients approaching renewal, Tran is also seeing rising interest in extended amortizations and home equity lines of credit (HELOCs) as tools for financial flexibility — signals that Canadians are thinking about liquidity and risk management beyond just their next term.
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