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.

Yes, if you want to have a low mortgage rate for the next 5 years. Rates will rise already the bank rate is 5.19% before discounts. I locked my mortgage for 5 years at 3.6% with an ability to make double payments and to pay 10% of the total mortgage per year without any penalties.

Hello Irfan, the popular school of thought is variable rate mortgages will provide you savings over a fixed mortgage over your 5 year term. Only one time existed that the above statement was not true. The fixed terms before March 31 2010 were so low that locking in your mortgage was a really good idea and would have been the better choice. Now that the fixed rates have risen the variable is the more popular product. One thing you should be asking yourself is how much discount do you have on your variable rate mortgage. If your variable rate is higher than prime - 0.4% please contact me so I can show you how you can save money over the rest of your term. Abraham Niyazi Mortgage Agent Easyrate.ca 416-993-4082.