**While this is not financial advice** if it was my mortgage up with the current rates I'd probably go for the 5 year IF and only if I was sure I wasn't going to sell in the next 5 years.
The 2 year rate is a fair bit higher than the 5 year rate, and it isn't obvious to me rates will be way lower in 2 years than they are now. They might be, but it's far from a sure thing. Having payments/risk locked in for 5 years adds sleep-at-night value, especially if this is someone's first house, etc.
The big caveat is the not moving, because if rates do happen to drop and you need to break a five year fixed you could be looking at a very large penalty.
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