this post was submitted on 06 Jun 2026
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me_irl
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Unfortunately being forced to refinance can also screw you over, like it did a few years ago to a lot of people who had it locked in at 2-3% and then had to get it at 5-6% instead, massively increasing their monthly payments.
I've been open variable I like that my rates went up and down with prime over the last 5 years but didn't sit at an artificial low only to poison pill me at the end of the term. I'm renegotiating right now and as I told my broker if anyone tells me they know what the rates are going to do in 1 year let alone 6 months I have a bridge to sell them lol