This is a very interesting article and a very popular argument. Should people use a variable rate mortgage or a fixed rate mortgage.
As a Realtor and base of history, people are always better off with a Variable rate mortgage than a fixed rate Mortgage.
Obviously this is a personal choice and Banks love you to lock in your mortgage. But base on historical data to calculate, Variable rate mortgage by far wins this argument.
There is a simpler answer to all this hystria about mortgage rates going up. Don't lock in your rate. I know it's almost heresy to have a floating rate in a mortgage world dictated by Finance Minister Jim Flaherty calling up the banks.
But the reality is that a variable rate mortgage tied to prime can still be had for as little as 2.55% from some major institutions while the comparable five-year fixed rate at 3.49%.