if your credit is ok, and the branch like to give you lowest rate, you can get 5y variable prime-0.75 (4.0) from most of the banks.
but for now, 1y fixed posted -1.0 (3.55) is better than 5y variable.
so go for that.
and you still have chance to choose 5y variable next year.
I don't think prime will go bellow 4.25 within one year.
But in general, 5y var is better than 1y fixed for 5 years.
just this year, it is special, 1y fixed has more chance to be better than 5y var.
so, this year sign 1y fixed, and next year , sign 5y var.
but for now, 1y fixed posted -1.0 (3.55) is better than 5y variable.
so go for that.
and you still have chance to choose 5y variable next year.
I don't think prime will go bellow 4.25 within one year.
But in general, 5y var is better than 1y fixed for 5 years.
just this year, it is special, 1y fixed has more chance to be better than 5y var.
so, this year sign 1y fixed, and next year , sign 5y var.