When it comes to savvy mortgage rate strategy, variable-rate pricing – and whether the Bank of Canada will cause rates to rise or fall – tends to hog the spotlight.

Borrowers looking for the lowest rate monitor the central bank’s rate decisions, and the economic factors that influence them, with a laser focus. They’ll pounce when both borrowing costs and lenders’ spreads to the prime rate are most attractive.

Fixed mortgage rates, meanwhile, tend to inspire less of a fuss. Traditionally priced higher than variable rates as because of their locked-in nature – payments never change during the mortgage term, providing financial stability and peace of mind – they’re an option for those who want to “set it and forget it,” without the bother of watching the market.

But fixed mortgage rate

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