Historically, there were about 70% of the time within last 10 year when Prime Rate were higher than 6.5%. Highest, you do not want to believe, was 14.75%. TD's Great Rate MTG is 5 yrs term, wow, watch out... Anyhow, Variable VS. fixed, I personally vote for Variable, especially if you are lucky, get a guaranteed highest rate set up as CAP in the MTG term. In addition, TD has phased out the 0.75% off the Prime recently, If GeGe you are preapproved, they should honor it for you.