These are the posted rates for the Bank of Montreal (Insured CMHC, <25yr) over the past few months. You can see the volatility in the rates over the past number of weeks. If you are coming to a place where you have to renew your mortgage, my advice to you is this: You will never time the market perfectly. Try to approach the decision from a place of calm and reason. Don’t try to be too cute. ADDENDUM JUNE 17/23: Just jumped again to 5.39% for 5yr fixed.