Here are the differences between a fixed-rate and variable-rate mortgage 

Fixed-Rate Mortgage:

- Interest rates remain constant

- Payments remain the same

- Suitable for long-term financing

- Protects against rising interest rates

Variable-Rate Mortgage:

- Interest rates fluctuate

- Payments may increase or decrease

- Suitable for short-term financing or declining interest rate environments

- May offer lower introductory rates

In general, fixed-rate mortgages provide stability and protection against rising interest rates, while variable-rate mortgages offer flexibility and potential savings in a declining interest rate environment. The choice between the two depends on individual financial circumstances, market conditions and personal preferences.