At the moment, there is a price war (or interest rate war) going on between the banks in relation to fixed interest rates for investment and home loans. Currently, you can get 2 and 3 year fixed rates for less than the discounted variable rate.
Does this mean now is a good time to fix your loan?
This answer for this is different for everyone and it is better to look at it from your individual situation rather than trying to pick where we are in the interest rate cycle.
If you are a first home owner and your monthly loan repayments are pretty tight, then fixing could be the option for you. It locks in certainty and allows you to get in a routine of making regular repayments. The cost you pay for certainty is that the variable rates may decrease lower than the fixed rates.
If you are an SMSF investor, and you are looking at approaching retirement then a variable interest rate might be more suitable as it gives you the flexibility.
If you are an investor and you are looking to re-finance or sell, then once again a variable may be the preferred option.
A good strategy at the moment is to fix a portion of your loan (as an example 50%) as it allows you to basically hedge your strategy.
Whatever your situation, you should look at how the loan suits you as opposed to chasing the best interest rate.