Would you consider switching to a fixed rate mortgage

[Ausmumof3]

https://mobile.abc.net.au/news/2020-03-19/reserve-bank-coronavirus-response-losing-control/12071872?pfmredir=sm
 

after reading this I’m wondering if for is in Australia there would be any sense in fixing home loan rates.  That sounds wrong given interest rates are officially going down but if the official rates don’t match what’s actually available maybe not?  
 

My thoughts are I know we can pay this . If it goes down further we lose out some but if the market loses confidence in the reserve bank does that mean they will end up going up?  And how much?

[Lanny]

IMO there is too much risk with an Adjustable Rate Mortgage. The Fixed Rate Mortgages seem to be much much safer in case of wild fluctuations in the interest rate.  In the USA, the most common for Fixed Rates is 30 years, but if one can pay in 15 years, they pay a little more each month but save a huge amount of money in interest and other fees. Possibly in Australia it is like that?

[Ausmumof3]

13 minutes ago, Lanny said:

IMO there is too much risk with an Adjustable Rate Mortgage. The Fixed Rate Mortgages seem to be much much safer in case of wild fluctuations in the interest rate.  In the USA, the most common for Fixed Rates is 30 years, but if one can pay in 15 years, they pay a little more each month but save a huge amount of money in interest and other fees. Possibly in Australia it is like that?

Most people here have variable but we can get a fixed term for 1-5 years.  Then will revert to variable rates or you can negotiate a new fixed rate.  I’m just looking at what’s happening with the economy here right now and it feels risky.