The bank doesn't give a rats a#se if people are locked in as when you borrow your loan it's at that rate for the bank ie 4.75% (todays money) and all there rates are above that. If you fix your interest and want to get out the bank will charge you the difference as penalties if the rate has gone down. for eg if you lock in at 6.59 for 5 years and after 2 years wish to get out they look at the 3 year rate if it is 6.29 they will charge you the extra .3% as a penalty, however if the rate has gone up let's say to 6.99% the bank will see it's now going to make a profit so they will waive the penalties.(Don't expect a refund that would be asking to much)
Most important don't use a broker they will outright lie to you and probably make some stuffups.
Speaking to the banks most people are locking in, alot depends on where you are going and your long term goals.If you are planning on winning lotto the don't fix it.
To add another tangent has anyone ever gone to a bank and asked them to take over all there loans and also to wear the fees. (I'm talking about a rather large loan)
