Fixed mortgages come with lower interest rates and a certain amount of stability. However, 2022-23's turbulent economy has raised concerns over the risk that the average rate may fall below your fixed rate before you come to the end of your fixed rate term. If you are concerned that you will not be able to afford your mortgage if rates rise, it is best to lock in a short fixed rate now, so you can take advantage of the base rate which should have fallen after 2 years. The base rate is unlikely to rise much, if at all, but its not going to come down again sharply.