This article has been updated from a previous version.

When it comes to selecting a mortgage, you're usually asked to choose between the certainty of a fixed-rate mortgage, which allows you to lock in a particular interest rate for your term, and the uncertainty of a variable-rate mortgage, which fluctuates alongside the Bank of Canada’s overnight interest rate. But did you know that there’s a third, lesser-known option that combines elements of both?

This article has been updated from a previous version. 

It’s not unusual to see a dog’s head or nose sticking out of the rear window of a passing car — embracing the rush of fresh air and taking in the different scents. Some dog owners may even describe the car as one of their pet’s favourite places to be. 

Given the current state of interest rates, it’s fair to say it’s still difficult to gauge whether now is a good time to make any sudden mortgage moves. While higher interest rates continue to be a stressor for homeowners with variable-rate mortgages and those renewing fixed-rate mortgages, those contemplating refinancing are between a proverbial rock and a hard place.