In a “practice what you preach” moment, I’m currently reviewing my finances and part of that process involves addressing my mortgage. I’m happy with my current lender, but I’m left with a decision we all face; should I fix my interest rate?
I’ve never been one to try to crystal ball the future. Logic tells me that, moving forward, interest rates can only rise. I won’t however, pretend to be able to accurately predict the unknown variables of when they will go up, how fast, and whether they will come back down. The thing is, the banks, with much greater resources than I, are forecasting all of the above before setting a fixed rate to ensure they don’t miss out; it isn’t easy to beat the bank!