For the past 30 plus years mortgage rates have gone in one direction.......down!
Borrowers would have been making a mistake to lock in their mortgage at virtually ever point in time over those three decades.
But is today different? Should we be locking in our mortgages now?
Of course, nobody knows for sure. One thing we do know is that mortgage rates have never been lower than there are now, but they sure have been a lot higher in the past.
I think the chart below which depicts Canada's historical prime mortgage rate offers some food for thought.