Variable rate mortgages still are a thing. And it's not like there's anything really wrong with them. You are getting a better rate (compared to the newly issued fixed rates), but also getting some rate exposure over the duration of your mortgage. This exposure could help you, or hurt you, but I would hardly call it a bad thing.
The problem is that most people don't understand these things and are stupid, and decide to buy a house and sign all the paperwork without reading it.
The problem is that most people don't understand these things and are stupid, and decide to buy a house and sign all the paperwork without reading it.