if you are already in a variable rate mortgage, the worst thing you could do right now is to fix your rate! Chances are (if you arranged your mortgage at some point over the last 2 years), you are sitting a margin approximately 1% below prime, which would put you at 1.7% as of today. Most lenders (including the banks) have moved their 5 year fixed rates to the low 3% range. So by locking in now, to make this a better decision, prime would have to increase 7 times RIGHT AWAY and stay that high for the next 5 years. Compounding this, you will now no longer have the ability to payout your mortgage with only a 3 month interest penalty (a feature of a variable rate), and now could be subjected to an interest rate differential penalty if you decide to sell or change lenders in the next 5 years.
So stay calm, and call Craig @ (613)394-5810 if you have any questions.