I am not a home owner but I think I can give you my thought. I think it really comes down to what sort of risk tolerance your finances can take. I am gonna give you an example - a rather raw example.
If you were in a high risk profession that sees you making more or less money depending on how the markets are doing ( so in a recession you make less money and in a boom you make more money) then I would suggest you go variable. If you are income is from a source where it is relatively safe (will have steady cash flow in a recession and a same or higher income in a boom) then i would suggest a fixed rate.
This is just a method of controlling your spending- So now we are recovering from a recession and things are prolly gonna get better than they were which means interests rates like u said can go up.
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