In Spain you can decode between fixed or variable rates, and although fixed rates are usually a bit higher, having the peace of mind that suddenly the mortgage won't raise next month and being able to plan around a fixed monthly cost is such a big peace of mind.

Fixed rates are the best.

[–] DScratch@sh.itjust.works 2 points 1 month ago

Fixed rates are safer, for sure.

But during the pandemic, when rates went to near zero, I was very glad to be on a variable.

[–] jonne@infosec.pub 2 points 1 month ago (1 children)

It went up a little, but nothing compared to the equivalent in rent you'd pay for the same place.

[–] avidamoeba@lemmy.ca 2 points 1 month ago

It's actually pretty comparable for me. My mortgage went up 40% which made the whole monthly cost of housing go up by 28%. Rents in the same building went up similarly but actually haven't quite caught up.

[–] mephiska@fedia.io 2 points 1 month ago

Mortgages can change repayments amounts as the central lending rate changes.

Not in the US if you have a fixed rate mortgage, and most do. There's tons of people who locked in rates at below 3% back in 2020-2021.