If ARM ain't broke, don't fix it

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Q: I just got a letter from my mortgage lender offering me a 6.5 percent fixed interest rate on my home equity line of credit balance, which is right around $100,000 and is the only debt I have on my $500,000 home. My family and friends think that’s a great rate, and are urging me to fix it.

My hesitance is that my current interest rate on that line is in the 2 percent range and it has never been higher than about 5 percent in the several years I’ve had the loan.