(Assuming you're an American). In Canada, "fixed rate" generally means fixed for 5 years only. So while there is a difference between fixed and variable, it's n

(Assuming you're an American). In Canada, "fixed rate" generally means fixed for 5 years only. So while there is a difference between fixed and variable, it's not a huge difference in terms of peace of mind; all mortgages are essentially variable rate in some sense. A lot of Canadians opt to try their luck with variable, especially since it's usually cheaper on average, and usually cheaper up front.