In the United States their mortgages were set up to adjust after 1 or 2 years. In Canada you get a 5yr variable rate mortgage and the interest rate will only change when the bank of Canada changes their rates. In Canada its different though because when the Bank of Canada changes rates it affects visa cards and lines of credit for home and business so they cant jump too fast too high without heavy consequences to the economy. As for locking in your rates, the closed mortgages are at all time lows so its not a bad idea to seriously think about it. Contact me for more info. Abraham Niyazi - Mortgage Agent - Easyrate.ca - 1-866-728-3708 x 115.