Now, Now, NOW!!!!! You should immediately lock your mortgage if you haven`t done so. The mortgage rates can`t be any lower or the Canadian economy will blow. The rates can not be so low with todays economy. Locking your mortgage for 5 year fixed with a good rate will only benefit you in the future.

You should consider locking your mortgage now. If you have a variable rate it did increase and stands at 2.25% right now which is prime -70. The rates cannot go any lower then where its at right now. The best thing to do if you are planing to live at the house your bought for at least 5 years then you should lock your mortgage for 5 years with today`s great 5 year term at 3.5% or 3.6% assuming you have a good credit score.

I would not lock anything and just wait and see what direction the rates will go. There are many skeptical talks about rate increase but I haven`t seen a dramatic increase. I locked my 5 year mortgage rate @ 3.6% about 4 month ago and now I feel sorry about it because I could`ve paid my principal mortgage much faster if I had a variable mortgage rate. The rate should increase but when no one knows. When the mortgage is locked you are paying most of the interest in 5 years of your mortgage. For example if your mortgage is 339,000 you will pay 1540 per month @ 3.6% rate for a total of 60 payments in 5 years is 92,400. Only 40,000 is going to be towards your principal the rest is interest.