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With a variable-rate mortgage, your interest rate fluctuates when the CIBC Prime Rate changes. If the CIBC Prime Rate drops, the amount of interest you pay also drops. Your regular mortgage payment amount increases or decreases as interest rates change.
With a fixed-rate mortgage, you pay the same interest rate for the entire mortgage term. Even if the CIBC Prime Rate changes, your regular mortgage payment amount stays the same. You know exactly what your interest payments will be and how much of the principal you’ll pay off during the term.