I'm due to be renewing my mortgage, and as it appears that the rates are pretty low now, I'm tempted to lock in a 5-year fixed 4.49% rate, instead of going for a 2-year fixed rate of 4.09%.
We don't anticipate selling within the next 5 years, and I think it pretty unlikely that we'll be able to pay it off early.
Thoughts? Advice? Should I expect the current rates to stay low for the next couple of years, and therefore lock in a lower 1- or 2-year rate with the expectation of doing the same again when it's term is up?