It's hard for me to criticize -- unless you've owned a property for more than 10 years, you've probably never seen an interest rate above 4% let alone 5% or more.
But yes, there was seemingly nowhere for interest rates to go but higher -- negating a lot of the upside of going variable. In my case I had the option of renewing for a 4-year term versus a 5-year term (both fixed); I ended up doing 5 years even though it meant paying a little more -- we'll see how that turns out.
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