Most lenders have now all but eliminated any discounts tied to Prime, and as such, with the exception of one or two lenders who are, at least for now, offering Variable Rates at Prime minus .25% (Currently 4.50%); the Variable Rate mortgage is now pegged at Prime (Currently 4.75%). That's quite a difference from about year or two ago when rates of Prime minus .90% were available but, the Variable may still be a good choice and the spread between a Variable Rate and Fixed Rate is not insignificant.