Undoubtedly, a fixed rate mortgage would also appeal to Linda's cautious nature.

It has nothing to do with their adjustable rate mortgages.

This might appeal to someone wanting to replace a high rate mortgage.

Then people with adjustable rate mortgages would have to pay more.

The first is a conventional, 10-year fixed rate mortgage of $1.5 million.

Rates on five- and one-year adjustable rate mortgages have increased by half a point.

They are considering an adjustable rate mortgage with a rate of 5.5 percent for the first five years.

The interest rate on a 30-year fixed rate mortgage remains just 5.79 percent, according to Bankrate.com.

So should we all be going for fixed rate mortgages then?

Find out about the risks and advantages of an adjustable rate mortgage.