Fraser was in scintillating form and played a starring role as Cherries registered a convincing 5-0 victory over Championship rivals Doncaster on Saturday.
The 20-year-old will tonight be hoping to win his third cap for Scotland under-21s when they host Hungary in a friendly at Dundee’s Tannadice Park.
Fraser, a £400,000 recruit from Scottish Premier League outfit Aberdeen, has seen his stock rise sharply since he joined Cherries when he was still only 18 in January 2013.
Howe, who has given Fraser 17 starts and eight substitute appearances in the Championship, told the Daily Echo: “Ryan has had a really good first year with us. When you consider how young he is, it was a big step for him to move down from Scotland and leave the comfort of his own home.
“I think he has improved in all areas of his game, technically, tactically and physically, so we are delighted. I think he has a big future ahead of him.
“He played in a development squad game against Southampton a couple of weeks ago and was terrific.
“He was electric for the 65 minutes he played and, if he can transfer that sort of form into the first team on a regular basis, then he is going to be a real weapon for us.
“For a young guy to be involved at Championship level like he has, it has been a huge step up physically and that is where I think we have seen the biggest development in him.”
Fraser won his first cap for Scotland under-21s when he came on as a second-half substitute as they opened their Euro 2015 qualifying campaign with a 3-0 win over Luxembourg a year ago.
The Aberdonian bagged his first Championship goal during a 3-1 defeat by Blackburn in September before scoring to spark Cherries’ comeback against Millwall in October.