We have 6 months left at 3.45% on my 5-yr term (balance is sub-$200K) and are now getting early renewal offers with rates of 5.69% for 3-year term.
From what I calculated, if rates rise 0.5% between now and end of May, renewing now or renewing in May (at no more than 6.2%), will be a wash for total interest paid / saved. Any more than that, and it will start to cost me more. While I expect that the BoC will make a few more moves, I'm hoping that the banks start offering deals again to get / keep customers.
We did toss around liquidating our TFSAs and paying it off at the end of the term. While the thought of being mortgage free makes it enticing, long term it feels like it would be a dumb move.
By mid-2023, we will have used up all of our available RRSP contribution room and maxed out the TFSA, so are going to divert extra funds toward the mortgage to knock it down quicker.
It was much easier when rates were dropping! lol