Okay smart guys what are your thoughts on this?
I think judging from the past decade 6% has stuck in my mind as a good rate, not too high not too low. At one point when rates were going up I was wishing I had taken the opportunity to fix at 6% . But they didn't go much higher than 8%, and today rates are much lower, closer to 4%.
So… Would you fix for 10 years at 5.79%?
10 years is a long time and there is a fair amount of penalties involved if you wanted to change up your loan, i.e. sell or access equity etc.
At work we once compared over 20 years the difference between fixing and variable rate the difference was quite minimal, fix the rate if you want surety of repayment amount, don't do it for the sake of winning or losing.