Which statement is false?

1. If you expect interest rates to rise, you would prefer a fixed-rate over a variable-rate mortgage.
2. You are likely to be charged a lower interest rate on an insured mortgage than a conventional mortgage.
3. On-reserve land is often the property of the First Nation, thus individuals can only mortgage and own the home.
4. The premium on CMHC mortgage loan insurance is maxed at 4.5% for traditional down payments.