The fixed rate may help you sleep better in the coming years. Nobody knows exactly what will happen but the risk of inflation and/or higher rates is real. I can’t say when or how high, but there are a lot of possibilities and even more variables. There are no variables with a fixed rate. After reading Former’s analysis, I agree, go fixed, betting that rates average below 5.625% over 4 years doesn’t sound like a safe bet. It may feel like that now but looking back over my lifetime, sub 6% were rare periods and rarely sustained, probably equal to the amount of time it was double digits.
