What a five-year fixed rate does not tell you on its own

The five-year fixed term remains popular because it feels stable. Stability matters. But it is only useful when the rest of the mortgage still matches the next phase of life.

If a borrower expects a move, refinance, or major change in income strategy before maturity, a lower rate can lose some of its shine once penalties and restrictions are part of the decision.

The smarter conversation is not fixed versus variable in the abstract. It is fixed versus variable inside the real timing of your file.