My mortgage is up for renewal - what are everyone's current thoughts? My (crappy) understanding of the economy is that we're expected to be in for a long period of high interest rates, so I'm thinking I should fix it for as long as possible?
Current rates from my bank include 4.55% for 2 years, and 5.09% for 5 years.
I'm usually doing 2 years for the amount I'm 100% sure cannot do anything with in 2 years, maybe 70-80% of the loan depending on the amount
Do 1 year fixed for about 10 percent
Do revolving credit for the remaining 10 percent, paying money here instantly offsets the amount.
Once the 1 year fixed expires, move it to revolving credit, assuming the revolving part is already paid off.