With interest rates on the rise for fixed mortgage products many people are choosing to lock in to a fixed rate mortgage. But is the decision to lock in now to a fixed product a good decision or is it based on fear. Variable rates are still good and in many cases still may be the best situation for you. Changing to a fixed product at this time could cost you money. Don’t make rash decisions based on fear. The five year fixed mortgage rate is reacting to bond yields going up. The prime rate has not increased and the Bank of Canada says it wouldn’t increase rates until June 2010 (conditional on inflation rates). Check out your options. If you can handle a little variation in your mortgage payments a variable rate mortgage is still a good way to go. Historically, it has shown to be the fasted way to pay down your mortgage. Check out this article in the Financial Post by Garry Marr.