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.

Locking your mortgage might be the smart thing to do in 2010. Most indicators show that mortgage rates are on the increase and will likely going to rise in the first and second quarter of 2011. If you are plaining to keep your home for at least the next 5 years then you should really consider the "5 year fixed mortgage" The lowest I seen is 3.19% for 5 year fixed with 25 years amortization. There are many financial institutions offer excellent mortgage for 5 year fixed. Contact a mortgage broker so he/she can quote all off the lender and see who will give you the best offer.

Yes, I agree, rates are going to increase and you should probably take the advantage of the lowest mortgage rate this Country has ever seen . Get the 5 year fixed, with the no penalty on extra payments where you can pre pay up to 20% of your mortgage every year. That mean that if you have a good cash flow and able to make biweekly double payments plus a lump sum of money at the end of the year you can pay off your mortgage in 5 years.