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How far rates go up and when is tough to predict. You'll have to ask yourself whether, if you do go variable, you can afford the jump in payments when rates do rise. Ask yourself if rates rise and you end up paying more in interest than going fixed whether you can afford the house still and still be able to "enjoy" it. The way I look at it, its no fun to own a house if you're always worried about making the payments - maybe its a function of my own upbringing where it was a bit of a struggle at times. If you're going to lose sleep over it then go fixed and you know what you're gonna pay for the next x years.
But hey, if you'd still be comfortable with the mortgage payments at 5 or even 6% (not that I think they'll go that far) than enjoy the low payments while they're still available and go variable.
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