I think it’s about 50/50 and is perceived as a consumer choice whether to go with a fixed or variable rate.
Variable rate has been popular since the 2008 crash because rates became so low and the variable rate has generally been a bit lower than the fixed rate available.
In the past couple of years fixed rates have become more popular again because rates have been rising, and there has been expectation they will rise further so people now wish to lock in a perceived lower fixed rate, if possible.
Fixed rates are generally not available for the whole term and need to renegotiated after 5 years or so.
This is the situation as far as I know.
James O’Brien is insufferable.