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Interest Rates - Where to next?
Selfishly thinking of my own situation, that being that I have recently purchased my first house, I would like to know other people's opinions on the interest rate for the next 5 years.
I know it's impossible to know what will happen BUT still i'd like to see what others think will happen
Some think we are due for a rates explosion (perhaps double digit rates) in 2+ years due to huge govt spending now to prop up the economy.
Others think the economy is in such poor shape that rates will have to remain low for a long time yet to help the economy and any major increase in rates will kill our exports hurting us even more.
My personal opinion is that rates will rise sooner than people expect - maybe in the next month or two and i am tending to believe they could go higher quickly.
This being the case i'm thinking of fixing half of the mortgage for 5 years @ 7.95% and the other half for 2 years @ 6.09% - therefore if rates explode i will be protected somewhat, however if rates stay low then i can still reap some of the rewards.....
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