Government of Canada (GoC) bond yields drive fixed mortgage rates, so when the bond yields go up, fixed rates typically follow. There wasn’t a whole lot of movement last week from 5-year GoC benchmark bond yields, which remained level at 1.42%. Similarly, there was minimal movement from lenders’ 5-year fixed rates. Currently, the best fixed 5-year rate is 3.19%. 
The next Bank of Canada interest rate announcement is scheduled for March 8, 2012 and most experts are predicting the bank to keep the overnight rate at 1.00%; where it has been since September 2010. The Prime Rate, which is influenced by the Bank of Canada’s overnight rate, is an important driver for variable lending rates. TD Chief Economist, Craig Alexander believes the central bank will keep the rate unchanged until the second half of 2013, where he expects a Bank of Canada interest rate hike. 
RBC also echoed this sentiment in their Financial Markets Report that the overnight rate should start increasing in 2013, although they did not give a specific time frame.
Where are Current Mortgage Rates this week?
A 5-year history of weekly 5-year fixed mortgage rates and 5-year variable mortgage rates
The mortgage pricing war that BMO started earlier this year was a relative success in bringing new business in according to their CEO, Bill Downe. Last week BMO announced that their first-quarter profit rose 34%. 
 Bank of Canada
 Vancouver Sun