One upside of the global financial crisis and ensuing recession was the persistence of low interest rates, which encouraged homebuying and made mortgages extremely affordable. Now, with economies on the boom globally, central banks are considering interest rate hikes, which will translate into increases in mortgage rates as well. As such, homeowners with variable-rate mortgages should consider switching to fixed-rate products to lock in today’s rates, and new buyers might wish to consider accelerating their search process.
