A fixed rate remains the same for the duration of the mortgage term. This means that your payments will stay the same too.
With a variable mortgage rate, the interest rate and payment amount can go up or down depending on market fluctuations.
When you take out a mortgage loan you can choose between a fixed rate, a variable rate or a combination of the two.
The All-In-OneTM Home Equity line of credit comes with a variable rate.
The made-to-measure mortgage has a variable rate for the line of credit portion, and for the loan portion, you can choose between a fixed rate, a variable rate or a combination of the two.