If you have a bit of market knowledge, negotiation room and time to watch the market, a variable rate mortgage with an option for fixed is even better. Two of my mortgages started in 2007 at about 3% (IIRC). The bottom dropped out of the market here in Europe about a year later. Since that time my interest rate has been below 1%, and is currently at 0.5 after being at 0.25 for several years. It was even at 0.125% (i.e. basically free) for a couple of years.

If Euribor takes a big jump for July, it won't even affect me that much, as with 20 yr mortgages, I have very little interest left to pay and only principal. But if it is painful, I can fix my rate (again IIRC) at 2% above Euribor for the last 5 years of my mortgages. I negotiated that into my mortgages back in 2007.

The point is that that 2% interest difference compounded over nearly nearly 14 years is equal to the sales price of one of the properties back in 2007!