It is time to lock in your mortgage?

Mr. Grewal, you should know, is a mortgage broker. A mortgage broker who sees the potential for much higher rates in the future.

“I'm fairly conservative and I'm locking in,” said Mr. Grewal, of the Mortgage Centre in Toronto. “Rates are starting to spike and I think they're going to continue.”

Variable-rate mortgages like the one Mr. Grewal has are unaffected by rate increases over the past couple of weeks. But fixed-rate mortgages are on the rise, and he's worried about a pervasive trend toward higher borrowing costs. He may have a point -- it may be time to bail on that variable-rate mortgage and lock in for the longer haul.