What I would say, sir, just as a feature of the variable rate mortgages—and then we can come back to any analytical work—is that if you are a variable-rate borrower, whom we do insure, you have that ability to convert to a fixed-term product at any time in your tenure as a variable-rate borrower. If you're a borrower who is in a variable rate mortgage and you see a rising interest rate environment, we'll see a lot of conversions, and lenders will see a lot of conversations, from variable rate to fixed term. I believe that is a free option that exists for borrowers.
On April 4th, 2022. See this statement in context.