Anyone know what percentage of the current mortage in the last 2-3 years are Variable Mortgage Rate vs the Fixed Rate for the standard 5 years term.
I been taking to a developer (build mostly in 300K range building) and he said most people (80%) are only putting down 5% down and when rate increases to the norm (5-6%) most of these people are will be serious people and the market could be in serious problem. But I think this will depend on how many of them are on variable rates.