The typical discounted rate for a 5-year closed variable mortgage now seems to be prime + .60% (2.85% as of today).

Various discount lenders have gravitated to this number in the last week or so. 

Most of the big banks, however, (besides Scotia) are still advertising prime + 0.80%.  A capital markets consultant we spoke with finds that interesting because the big banks generally have the lowest cost of short-term capital right now.