Which type of mortgage is going to suit me best - a fixed rate or variable rate mortgage?

Depends on your circumstances I guess. It's really something you should take advice on according to your situation, really.

When Interest rates are low, you're much better off with a fixed. If Rates eventually come down from where your locked in, you can always re-finance. In the late 90's, so many people did that.

As a former mortgage loan officer, I almost never suggested adjustable rate mortgages to anyone, much to the shagrin of my employer, of course. I just think they're bad ideas, because you never know when rates are going to go up, up, up. I know most ARMS have caps on them, but when someone gets comfortable with a certain mortgage payment and then the next year the rate is higher, that can be devastating.

Lock in a rate - it really is the best way to go. If it drops enough it pays to refinance, but a variable rate interest can result in mortage gambling.

"Mortgage gambling," that's a great way to put it. I never understood why people were willing to gamble when it comes to the roof over their head.

I never thought of variable as a gamble. The one I chose was fixed for the first three years and could only go up 1 percent each year after that. I made extra payments to pay down the amount I had borrowed because my payment was so much less than it would have been on a fixed rate.

It all comes back to discipline, though. Don't buy more just because you can get a lower rate.

Either is ok, but if you are not good with finances I'd stick with a fixed rate. Of course if you plan on selling in a few years a variable rate is ok.

Either way, the banks are going to be making a profit on the mortgage - so ensure you get one that suits you best.

The way the Fed is talking at the moment, there's at least one rate rise on the horizon, so any protection against that in your repayments now would probably be a good idea.

I believe a fixed rate is the way to go. This way your payment not keep changing. If the interest rates go way lower then what your fixed rate is you can always refiance.