Variable-rate mortgages gain popularity among Canadian borrowers

Variable-rate mortgages are attracting more Canadian borrowers, with 36% of prime borrowers opting for them last month. This trend follows expectations of a potential interest rate cut by the Bank of Canada on April 16. Current adjustable-rate mortgages are available as low as 3.90% for insured loans. Fixed-rate loans are also decreasing, with rates dropping to 3.83% for insured borrowers. Uninsured borrowers face higher costs, paying 20 to 30 basis points more than insured rates due to increased lender expenses and reduced competition.