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We recently re-negotiated ours - locked in @ 4.09% (fixed rate) for 4 yrs. Prior to that we were at 5.75% fixed.
We had no penalty since our previous mortgage term was due for re-negotiation anyways. The timing was just right.
I'd say in six months you might see rates started to inch up again. I'd think of paying the penalty and re-negotiate sooner than later.
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