As of May 21, 2009, the 5-year GoC bond yield has shot up to 2.26% — the highest it’s been since the beginning of December:

01/12/2008 2.26%
02/12/2008 2.26%
03/12/2008 2.27%
04/12/2008 2.17%
…
11/05/2009 2.07%
12/05/2009 2.10%
13/05/2009 2.09%
14/05/2009 2.11%
15/05/2009 2.13%
18/05/2009 Bank holiday
19/05/2009 2.16%
20/05/2009 2.15%
21/05/2009 2.26%

As you can see from the data above, yesterday’s rate shot up dramatically in one day.

It’s not a matter of if fixed mortgage rates will rise, it’s only a matter of when… and that when is going to be very, very soon.