Dang, .5%, that is quite the jump. A lot of people might not think it is, but when you are talking about interest rates it is pretty huge. I don't think I have ever taken out a loan that has an adjustable rate. I don't know if I would. I am glad that you were able to get it sorted out and if rates keep going up you are locked in at the lower rate.
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It is going to get worse. I don't know what the eventual rate will be, but I am expecting that the next couple years are going to be difficult.
Glad I am locked in and all my other loans are paid off then!