How mortgage rates work and where they’re going next

This article explains how mortgage rates work and what factors affect them. The author speaks to James Harrison, a mortgage broker, to get an insight into the lending rates and what makes sense for the borrower. The article also mentions that the lowest rates tend to apply to insured purchases and that fixed-rate mortgages are higher than variable-rate mortgages. The article suggests that it is essential to work with a mortgage broker who understands the borrower's needs and to not always opt for the lowest rate option, as it may not always be the best deal for the borrower. The author also advises the borrower to consider the flexibility in the mortgage contract, as life can be unpredictable, and breaking a mortgage can cost thousands of dollars.