Quote:
Originally Posted by Izzle
Honestly, this is an extremely personal question as you, and only you know your own risk tolerance. If these rates and the potential for higher rates in the near future are causing you to lose sleep, then maybe lock for 3 years and revisit at the end of the term.
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I would agree with this. You can try to look at the trends and what experts are projecting, but it should be a question of risk tolerance and what you can afford, not trying to crystal ball the future.
The point about penalties if you have to break your fixed rate mortgage early is also important; make sure you know how an IRD is calculated in the even rates drop in the future.