The Globe and Mail reports in its Tuesday edition that this year is already shaping up as the most eventful in a decade on the interest-rate front. The Globe's Rob Carrick writes that Wednesday's Bank of Canada announcement is an indicator of what's ahead -- but the shift to higher borrowing costs and savings rates has already begun. Mortgage rates have edged higher in recent weeks and returns on guaranteed investment certificates have increased in a few cases. Interest rates in the bond market have been chugging higher in recent weeks, a result of an improving economic outlook in Canada and globally. Bond yields could rise further if the Bank of Canada cranks the overnight rate higher and hints at more increases to come because of a stronger economy. If that happens, prepare for a fresh round of mortgage-rate increases. Oaken Financial, which is part of mortgage lender Home Capital Group, announced last week that rates would rise by 0.15 to 0.25 of a percentage point for terms of one through five years. Oaken was offering five-year rates as high as 3.25 per cent last summer. The most recent increases at Oaken bring the five-year rate to 3.15 per cent. GICs and savings rates could also move up.