You will pay $ 1,576.43 a month if you want to obtain a 300,000 mortgage for 5 years fixed mortgage with 25 years amortization period. THe calculation was done on the average rate of 2.99 percent for 5 years fixed mortgage.

not sure! go 50/50 - lock 1/2 of your mgt for five years the other 1/2 variable - so whatever happen you can either be pissed or happy and that depends on your attitude to life :)

This is a hard question to answer. What I advise clients is if they find that the fixed rate is affordable given their current consideration and they do not want any fluctuation in rates, they should lock in. Historically in the last 10 years, the variable rate mortgages have out performed the fixed rate mortages. This is prior to all of the economic issues we are having at the moment. There are also some positive things about variable like lenders normally use 3 months interest as a penalty to get out of a mortgage instead of the IRD concept. You can also follow what the economists are saying abot overnight lending rates if the Bank of Canada will change them soon. You can only speculate based on what you believe will happen in the future. If the difference between fixed and variable is less than 1%, it may be worth it.