I paid 11% fixed on my first house in 1976 and rates went much higher into a peak around 1980 and I thought my rate was a steal. If rates go down you can always

I paid 11% fixed on my first house in 1976 and rates went much higher into a peak around 1980 and I thought my rate was a steal. If rates go down you can always refinance but if rates go up a fixed rate is a huge advantage. Most of the time an adjustable rate will be cheaper but in hard times when rates rise or prices decline you will be SOL. However in a housing depression judges may refuse to allow the lender to foreclose on you if you are in good standing - making regular payments maybe of interest only.