Looking back, even though the Bank of Canada raised its Key Rate form .25 per cent to 1 per cent, mortgage rates have remained fairly flat over the past 2 years. Yes, The Big Banks have nudged mortgage rates up and down in an effort to capture customers, but there has been no real trend.
With our economy not yet on solid ground, the "wizards" speculate that interst rates won't be heading up any time soon. However, keep an eye on inflation. If positive numbers continue, inflationary pressure could be the opening the BOC needs to move rates up.