Quote:
Originally Posted by Brannigans Law
Right now I'm looking at going into a mortgage at 2.89 % for 5 years for my house. I have until November to decide on that rate or go with a higher rate for 10 years. I don't think I will be moving out of this house for the duration of a either a 5 or 10 year mortgage, and the fact that rates are so low right now makes a 10 year lock in look attractive. The thing is that even if rates shoot up tomorrow to 5%, I still have my 2.89 until November of 2018. This is all really a huge gamble, how the hell can I guess what interest rates will do in all that time?
I have a feeling I'll be jostling with this decision until the very last second.
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The gain from the rates lowering won't hold a candle to the savings if the rates go up.