Bank Of Canada Raises Interest Rates For First Time In 7 Years.

The bank raised its overnight lending rate to 0.75 per cent from 0.5 per cent Wednesday,  citing "bolstered" confidence that the Canadian economy has finally turned the corner after years of sputtering growth.

What does this mean for the mortgage market?

The benchmark rate is now .75 and prime is 2.95%. For those looking to buy in the near-term, now is the time to lock in a mortgage rate, which financial institutions generally do for between 90 and 120 days.

But for homeowners with a variable rate mortgage, the question is whether to jump into a fixed rate to protect against rate hikes, or continue to ride out the risk of rising rates that the variable brings.

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