I heard that the mortgage rates will go up by march/april. I am buying a home now and going to lock my mortgage rate for 5 years @ 3.74%. The Bank of Canada overnight rate is as low as it can be so the rates can only go one way and its only UP. Variable rates are only good for short term now and can be risky when it comes to long term buy.

Here is some advice from the Globe and Mail Variable or fixed? Both options have merit http://www.theglobeandmail.com/globe-investor/investment-ideas/variable-or-fixed-both-options-have-merit/article1446994/ I hope this helps.

I wouldn`t lock my mortgage. The current variable closed mortgage is 2.05% do you really think that in the next 5 years the banks will be able to raise the rates with the way the economy is going? Even if rates will go up it will be 2.75% or 3.25% it is still lower then the fixed mortgage and you can pay it off any time and for any amount.