Fixed or Variable - It's NO Contest

Variable-rate mortgages are so over.
Go fixed rate if you’re arranging or renewing a mortgage, and think hard about the four-year term. If you take in all the recent developments in the mortgage market, this is the most logical strategy.
Variable-rate mortgages are being sold at the prime rate in many cases right now, which is 3 per cent. The traditional discount off prime? Snuffed out by the banks. They’ve decided they aren’t making enough money from discounted variable-rate mortgages, so goodbye discount for the most part. If you shop around, maybe you’ll get 0.2 of a point off prime.
For more on this article from Globe & Mail writer Rob Carrick go to:

http://www.theglobeandmail.com/globe-investor/personal-finance/variable-or-fixed-its-no-contest/article2220424/