Shall I refinance my variable rate mortgage?

As long as your mortgage rate is variable, you are exposed to the variations of the rates in the market. 3M Eibor, which most of the mortgage rates are based on, has increased from 0.2% in January 2022, to 4.2% in November 2022 ! It's an increase of 4%. Which means that for a mortgage of 1M AED, you end up paying 40,000 AED of interest more than last year's mortgage payments. This is why it makes sense to protect and refinance at a fixed rate. To know about when is the best moment to refinance your mortgage, click here