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Ultra-low but, apparently, unstable interest rates have Canadians favouring fixed-rate mortgages over variable by a ratio of nearly 2-to-1.

A new survey, conducted by Nielson, for one of the country's big banks suggests 57% of homebuyers would pick a fixed-rate mortgage over variable, desiring certainty in their payments. That's up from 48% last year and 39% in 2011.

The numbers are fairly consistent across the country meaning Toronto and Vancouver are not having a major influence on the results.

The survey also indicates 44% of respondents expect to see interest rates rise in the next 12 moths while 42% expect no change. By comparison, the markets appear to have a stronger expectation rates will rise, calculating a 64% chance of an increase by the end of the year. That, however, is down from a 77% chance calculated immediately following the latest U.S. Fed announcement. The Fed is hinting that it is more prepared to look at rate increases.

Thank you First National for your insight.