Newhuman

I know a payer = put.

BUT

Logically if i BUY a payer swaption (an option to pay fixed) i want the fixed rate to be LOW. So if rates rise from a 3% strike to 5% at expiration, I would benefit by paying only 3% fixed when the markets call for 5% fixed. Wouldn't that mean its like a call? i profit when rates rise = call.

If I BUY a receiver swaption to receive fixed, I want rates to fall so I get the higher fixed rate and only have to pay the lower floating.

I know i have this backwards. Does that mean I should think about this as options on BONDS and not RATES?????