Fixed vs. Variable HELOC - to switch or not to switch

[Tim Hawkins]

Hello all...

I'm a single rental property owner. I made the "most excellent decision" to purchase at the peak of the market last year - yay me! (note mild sarcasm) 

To make it all happen I did a fixed business loan and a variable HELOC, which at the time was 2.5%. It's now 7%. Regarding the HELOC portion only, my question for experts is this: My CU has a fixed 5.75% option that would cost me $500 to switch to. With the way rates are going and the assumed time it would take them to ever come back down to the much lower rates we've enjoyed in the previous years... would it be a good me me to switch to the 5.75% fixed? I do throw extra money at it every month to get it paid off sooner, and I obviously want the most going to principle that I can!

What say you all?