Important throughput improvements in multipleinput multiple-output (MIMO) fading channels can be obtained by merging beamforming at the transmitter and maximal ratio combining (MRC) at the receiver. However, to attain these performance gains it is important to obtain accurate channel state information (CSI). For this purpose a channel estimation technique is used at the receiver: channel prediction to feed back to the transmitter for beamforming, and channel interpolation for MRC at the receiver. In this paper, the impact of imperfect channel prediction on bit error probability (BEP) is analyzed in Rayleigh fading, taking into account the channel response variations over the frame interval. An exact closed-form expression for BEP is obtained, and we evaluate this expression assuming both time-variant and time-invariant channel models. These results indicate that the BEP performance degrades on the order of 1.5 dB due to channel variations.