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An increase in mortgage rates is likely just around the corner, a situation that might push some consumers to lock down their rates.

Given that five-year Government of Canada bond yields have climbed about 40 basis points in the last month, and mortgage rates track bonds, it makes sense to try to get a rate guarantee if you are shopping for a house, Rob McLister of ratespy.com says.

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“There is an inclination to recapture some of the spread [between bond yields and mortgage rates],” says McLister, who expects up to a 15-basis point increase on the five-year.

Consumers might consider getting pre-approved for a mortgage before they buy a home – an option that offers a guaranteed rate for as much as 180 days.

“I got an email from one lender suggesting we may see something in the coming days,” said Vince Gaetano, a principle at monstermortgage.ca. “I think it would be very prudent [to get pre-approved]. The only reason people don’t is they are just lazy or don’t know when their mortgage is up for renewal.”