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I understand that variable and fixed rates are somewhat independant (or one will trail the other) but if the variable was to remain low and/or drop over the next two years what are the chances of fixed rates dropping again? I haven't been through a situation like we have now and am curious to...

I think BC meant that if you fixed at the higher than variable rate and the above conditions occur you lose. Not if you remain on variable.:)

Interesting way of looking at it Michael. I guess that its better to 'win' now (lower rates) and maybe later (higher CG) then speculate on whether the economy will boom again soon (if not for a long while) and/or rates skyrocket within the next couple of years.

Wouldn't banks lift fixed rates in an effort to scare people into fixing when they expect the variable to fall further? I beleive this has happened before and is the case now. Thoughts?

I too would like to know this. I haven't found this from any of the 4 majors. Can anyone suggest a lender?