Anyone looking at fixing their mortgage interest rate?

[FabFiona]

Hi all,

With all the talk of interest rates possibly on the rise again in the next few months, I'm wondering if anyone else is thinking of moving to a fixed interest rate for their mortgage.

We were on a fixed interest rate when we first bought out house, but in very lucky timing, the fixed period ended when interest rates started to drop. So we have had the best of both worlds, paying quite low interest rates (around 6 %) over the years.

Anyone that is currently on a variable rate thinking of moving to a fixed one? If you are not going to do it now, are you likely to do it in the near future?

Cheers,
Fiona

[Scruples]

Hi,
Yeah we were, but we just had a chat to our broker and were refiancing to bank west.
Fixed rates at the moment are very high if you want to fix for 4-5 years. So if you want to save money you need the rates to rise to at least 6% in the next 2 years and then go to about 7.5-8% the remaning years for it to be cheaper.
Or broker has suggested bank west cause they have a new loan out now that caps the interest rate at 7.5%. So you get the value of variable but the security that it will not go over 7.5% in a 3 year period. Shop around though cause the fixed rate varies ALOT between banks.
good luck