The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments.
It is important to understand the difference between a fixed rate mortgage and a variable rate mortgage. A fixed rate means it will stay the same for the duration of your mortgage loan. The exception if you decide to refinance it at some point along the way. That can be a good way to lower the payment should rates drop or you need to take out an equity loan.
With a variable rate, the amount is going to change over time. You may get an extremely low rate of a period of time and then it can increase. You need to be careful with this type of loan though so you don’t end up with a very high payment you can’t cover should the rates go through the roof. A fixed rate can give you peace of mind and help you budget. However, a variable rate can allow you to benefit a great deal from extremely low rates at times.
Spend some time having a conversation with your mortgage professional. They can help you identify the pros and cons of fixed and variable interest rates for your own specific circumstances and budget. This can help you make a decision about which of them you will pursue for your loan.