Fixed rates move with government bond yields, which price in expectations about inflation and growth over the mortgage term, while variable rates track the Bank of Canada's overnight rate directly, so the two can move for slightly different reasons even in the same month.
A lender's own spread on top of that base cost also reflects risk, including a borrower's credit score against CMHC's 600 minimum and debt ratios against the 39 percent and 44 percent guidelines, so two Saskatoon buyers can see different rates in the same rate environment.
The rate itself matters less than what it means for what you can afford against the Saskatoon benchmark of $444,700. Get your hand-reviewed valuation from Joel Dyck.