5 Year Fixed or 10 Year Fixed?

[Joseph Shapiro]

Hey team!

My building loan is coming up for a refinance.  I have the chance to do so at either a 5 or 10 year fixed over a 30 year amortization.  Five year for 4.75% and 10 year at 5.25%.  My current intent is to hold it for the long term.  

Would you refi at the 5 or 10 year rate?  Curious why.

Thank you in advance

[Bob E.]

I would lock in for 10 years.  Yes it's a higher rate but you lock in  major expense.  Rate could go up or down from here.