Mike's pretty bang on with the 10-year rate. That said - there's some sites out there that can show the rates you'd need to be renewing into to have the 10 year pay off in the long run. They're quite a bit higher than right now. That said... No one knows where rates are going and how quickly.
Another thing to consider. What are the odds you're going to need to pay off more than 10% a year. 15/20% is standard on most mortgages. But, let's say you have a $300 k mortgage. What are the chances you're going to need to pay off more than 60k in any 1 of the 5 years. Pretty slim. Not that you should take a mortgage with less of a paydown option - but the 10 year is likely fine at 10% given you can get out if it after year 5 with only 3 months interest.
Additionally, if you're young and this is your first house there's a good chance you've got some student or CC debt that is at a higher rate? You should pay that off first.
Yeah, you can probably get 3.09-3.14% from some brokers around.
At these rates I personally wouldn't go shorter than 5 years.
Good luck/enjoy. I'd message Mike if you've got more questions.
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