There could be some truth to this myth, if you plan on living in the house for a long time. If you plan to only live in the house for around three to five years, it may be better to take out a loan with a fixed rate for that amount of time. Since the mortgage meltdown occurred and the real estate market saw a large number of foreclosures, many blamed on adjustable rate mortgages, both consumers and banks have shied away from anything risky in nature, including adjustable rate mortgages. That being said, you might find that the rate you are able to lock in on a 30yr fixed mortgage is actually the same or even a bit lower than that on an adjustable rate mortgage, making the choice an easy one. The banks don’t want to see a repeat of what happened about a decade ago and they are pricing risk into the rates. Right now, we are also seeing shorter term fixed rate mortgages become popular. Many people don’t want to be paying a mortgage for the next 30yrs and would prefer to lock themselves into a low, 15 or 20yr fixed rate. Especially those looking to refinance who do not want to go backwards after having made payments on their current mortgage for 10yrs. So, we refinance them into a lower rate and shorter term allowing them to get out from under the loan sooner while not doubling their mortgage payment. If the above is not possible, not to worry, there are no prepayment penalties on our loans, therefore, you can always sign up for a 30yr loan and pay it off sooner. Please give me a call if I can help you evaluate which option would be best for you.