A:In 1966 the FHA/VA rates went from 6 to 6.5%. At 5.5% you are borrowing money at pre-1966 rates. Assume 5.5% is behind door #1 and you don't know what's behind doors 2 and 3 and take door #1. During Jimmy Carter's time, I bought a house at 14.25% and it went up from there. My advice, don't take that chance.
