An excellent article in the Toronto by Ellen Roseman helps you decide?
Things to consider
Is your income steady and reliable?
Do you have reasonable debt-to-income ratio?
Do you have enough home equity? If you have 15-20% equity, you can refinance.
Do you have an emergency fund?
Can you accept risk?
Robert Lister, a mortgage broker in Vancouver says: "Variable rates are still very low. The gap between variable and fixed is widening. Interest rates would have to rise subatantially before you'd be further ahead with a 5 year fixed rate than a variable rate. The prime rate would have to rise over 50 basis points more than expected and stay there, for a fixed mortgage to come out ahead. Very few are predicting that kind of scenario over the next five years."
If you need help finding a mortgage broker I can help!