Well I have decided to lock in for 1 year at 5.89, as that simple act would have saved money on every single month in 2019. 2018 would have been more like 50/50. I'll keep a closer eye on the market each month and see if it is worth playing around a bit with it, but because there is no penalty to jump back and forth, there is very little to lose by locking in. Especially considering the removal of the cap, the historical rates from the 12-18 months, etc.
Thanks for the discussion, links, and advice. I have usually found the floating rate to be fine, especially since I can't be bothered to tinker month to month. But I can surely glance at the market rates once a month or two to see what's going on. There is no downside signing on to a lower than current market rate with the ability to jump back at my leisure with no penalty.
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