Request for advice on repricing with OCBC

Hi,

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I currently have a 1.03mil loan with OCBC board rate at 0.98% with 29 years loan remaining, paying about $3400 monthly.

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I recently received the long awaited mail on increase of interest rate, by 1%, making it 1.98% and increase of monthly repayment by $500 to $3900.

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I asked for repricing option and OCBC is still offering 2 years fixed rate at 2.75%, with monthly repayment of $4300. I noted that DBS and UOB stopped their fixed rate mortgage at the moment to review it, most probably to raise the rates.

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Would like to seek advice if I should stay with the current board rate and enjoy the 1.98% which is still lower than other fixed or floating rates, but risk further interest rate hikes. Or should I bite the bullet and go for the 2 years fixed rate at 2.75% paying $400 more monthly than the current 1.98% board rate?

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Would deeply appreciate the guru advice here.