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There has been alot of press lately with respect to interest rates and whether or not its a good time to lock in your variable rate mortgage. The fact is that Canadian mortgage rates are at the lower end of their historical norm. In fact I remember securing a rate on my first home purchase at 10.75% for a 5 year term. I had heard my parents complaining about their 22% rate when they owned a house in the early 80's, so I was more than pleased with a mortgage rate under 12%. Today, we are seeing mortgage rates in Canada being offered as low as 5.89 for a 5 year term.