5-year 2.89% fixed rate or 2.60% (prime - 1.1%) variable?

[silverfire82]

@panchopeligro If you are indeed offered 2.89 take it and run. Give it five weeks and variable will be at 3.1.

 

[panchopeligro]

@silverfire82 Thank you. I think I will most likely take your advice on this. Seems like everyone else is saying its the way to go as well.

 

[inception]

@panchopeligro 2.89 will beat 2.60 in the next two month

 

[resjudicata]

@panchopeligro Go with fixed. I converted mine to fixed recently and got 3.96.

 

[panchopeligro]

@resjudicata Thank you. I'll go with your advice on this.

 

[tmounts87]

@panchopeligro Damn those are really good rates if real. I was quoted in the 4's that I can't even renew yet because it's a month too early.

 

[panchopeligro]

@tmounts87 I was surprised at the rate too. When shopping around, I was getting 3.89 at best.

 

[tmounts87]

@panchopeligro That's awesome, I'd definitely lock in that fixed rate as best you can. Was quoted 4.2% for 5yr fixed. Good luck OP!

 

[markcmusic]

@panchopeligro If we go to recession quick, variable is the way to go. Why? Interest rates will go up near term, but go down to prop up economy. So you'll possibly pay more for a few months, but profit after.

If we skirt recession or don't even slow, you should probably lock in the rates. Based on comments, that 2.89 5yr is pretty golden, don't you think?

 

[panchopeligro]

@markcmusic Thanks. It does look good. I just couldn't get any idea on how long it will look golden. But thankfully, everyone here has pointed out that over the next 5 years, 2.89 will most likely win vs variable.

 

[curiousquestionposter]

@panchopeligro 2.89 fixed. No questions asked.

 

[panchopeligro]

@curiousquestionposter Thank you. I'm going to go with the 2.89 fixed.

 

[nablusstar]

@panchopeligro I went with 2.89 fixed

 

[resjudicata]

@panchopeligro Ok dumbasses, when banks renew your mortgage the rates are far better than current rates.

 

[kindnessc]

@resjudicata No lender is offering a renewal at 2.89% on a 5 year fixed - not even close by a mile. You are the dumbass here

 

[panchopeligro]

@kindnessc Hey, thanks for commenting. I was shocked when I saw 2.89 as well. Unless the agent is mistaken, she is giving me 2.89. It is with first national.

 

[resjudicata]

@kindnessc It depends how much is left on your mortgage and whether your mortgage advisor is the manager of the bank. Dumbass. My brother got a renewal rate of 2.9 percent Friday for fixed 5 year.

 

[kindnessc]

@resjudicata None of that is true and you are a lying troll

 

[resjudicata]

@kindnessc You’re an idiot. Ask to speak to the banks manager. Although I’d like you to get a higher rate so

 

[kindnessc]

@resjudicata Just because you and your brother offer sexual favours to a bank manager, doesn’t mean you can get rates that don’t exist. Go lie on a different thread.