According to Canadian Mortgage Trends and the Bond Market they could.
Lenders and financial institutions raise there money in the bond market to then lend out to borrowers. If yields increase then raising money gets a little more expensive so a rate hike on the mortgage side sometimes follows. The 5 year government yield went up 12 basis points or .12% last Friday. This is the biggest daily increase in about a year. For many months the trend has been flat or drifting downwards.
For this reason I would say that getting a rate locked in now may be prudent and beneficial. A rate hold is a guarantee of a rate. Usually for a period of 60 to 120 days. And there is no obligation to take this rate or a mortgage for that matter. According to Canadian Mortgage Trends not taking advantage of these rates which are like "gifts" is like passing a gas station on empty to save a few more cents a litre only to find out that was the last gas station and you end up pushing your car down the road.
This is not to say the rates could go lower in the future as there are still significant headwinds to the Canadian Economy as well as the World's. When it comes to rates though it's almost impossible to pick the bottom.
Currently a 5 year fixed rate is still at historic lows starting at about 3.29% or lower.
Tony Marchigiano | Mortgage Specialist - Mortgage Sales BC Region, RBC Royal Bank | Royal Bank of Canada | T. 604-505-7109 | F. 778-737-0054