All-time low uptake for variable rates: NBF

“A record 95% of new mortgages in June 2023 were fixed-rate,” reported National Bank Financial’s Daren King on Tuesday.

This all-time low for variable market share sharply contrasts with the months preceding prime rate's uphill journey. Back then—just 18-24 months ago—up to 57% of mortgagors took their chances with a variable.

Contrary to NBF’s report, however, the fact that borrowers are giving the cold shoulder to variables isn’t overly surprising.

There are at least six reasons why today's mortgage shoppers don’t want to float:

You don't have access to this post on at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.

This post is for MLN Pro subscribers only

Subscribe now


Sign in or become a member to read and leave comments.
Just enter your email below to get a log in link.

You've successfully subscribed to
Great! Next, complete checkout for full access to
Welcome back! You've successfully signed in.
Unable to sign you in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Error! Billing info update failed.