Yes. The CBA is offering 5 years at 4.99% but my variable rate...

Yes. The CBA is offering 5 years at 4.99% but my variable rate is presently 5%. Banks are not dumb though...so they are obviously betting that the variable will average less than 5% over the following 5 years.

I can also fix for 2 years at 4.84%.

I'm not convinced, however, that this is the best time to fix-and that's why I'm staying variable-for now. My opinion may change over the coming weeks or months but for now if you're variable rate is around 5% hold your ground and don't rise to the bait that the banks are offering.