For those happy to "roll" their financing often, the 2 year fixed term has been a great place to be historically. Since 2013, fully 12% of Canadian borrowers have elected a fixed term of 2 years or less and often with great success. The two year rate can be an effective gap term if expectations are calling for lower rates in the future; that these borrowers are often rewarded with rates even lower than variable terms is an added bonus. A 2 year term should always at least warrant consideration.