That's really bad. I refinanced last month to a 3.7% fixed 20-year because the fixed rate here is currently lower than base variable rate (6-month Euribor at 4.

That's really bad. I refinanced last month to a 3.7% fixed 20-year because the fixed rate here is currently lower than base variable rate (6-month Euribor at 4.1%, which would mean about 5.5% effective rate after the bank markup).