The prime now is only 3.75%. The variable will be 3.35%.
People are saying the prime may rise in the later of this year.
If that happens, say it rises up to 5.75%. You still have 5.35% for your variable (my wild guess will be it's still lower than the 3 year term's then.)
If you don't feel comfortable at that time and your mortgage is capable of locking to a fixed term, you can lock it to avoid more higher variable rate thereafter.
Chat with your bank manager to make sure any cost (penalty, administrative fee, etc) if you lock your variable open mortgage to a fixed closed mortgage at any time.
People are saying the prime may rise in the later of this year.
If that happens, say it rises up to 5.75%. You still have 5.35% for your variable (my wild guess will be it's still lower than the 3 year term's then.)
If you don't feel comfortable at that time and your mortgage is capable of locking to a fixed term, you can lock it to avoid more higher variable rate thereafter.
Chat with your bank manager to make sure any cost (penalty, administrative fee, etc) if you lock your variable open mortgage to a fixed closed mortgage at any time.