Quote:
Originally Posted by guzzy
sorry to offend your senses!!! it is a fixed rate at 2.6%. Is that better for you?
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I don't think he's offended; he's just correctly telling you that fixed rates aren't based off prime. If you're lender gave you anything that was prime - "whatever" you did not get a fixed rate.
Maybe you got a 5 year closed variable, not a 5 year fixed?
You would have fixed payments (which many people don't know if the case in a variable), but the rate is not fixed.
Not for me to tell you what you have, but being based off prime, and being 2.6% in last summer, tell me it must not be a fixed.
No one was offering 5 yr fixed at that range last summer.
Fixed vs Variable