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Best Lethbridge mortgage rates
The rate table shows 5-year fixed mortgage rates in Lethbridge. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Lethbridge mortgage rates: FAQ
What are mortgage interest rates in Lethbridge in 2023?
On December 8, 2023, the best 5-year fixed mortgage rate in Lethbridge was 5.04%, while the best 5-year variable mortgage rate was 5.95%.
Our rate table above allows you to check out rates for a variety of mortgage types and terms, so definitely compare and shop around to find the right mortgage product for you. All of our rate tables are updated automatically to reflect any rate changes, so you’ll always be seeing the most accurate mortgage rates in Lethbridge.
Will mortgage rates go down in Lethbridge?
After raising the target for the overnight rate eight successive times between March 2, 2022 and January 25, 2023, the Bank of Canada held rates steady for the first few months of 2023. This reprieve came to an end in June and July, when stubbornly high inflation and unexpectedly strong Q1 GDP numbers pushed the Bank to raise the target for the overnight rate by 0.25% twice in a row, bringing it to 5%. More recently, at its last announcement of the year on December 6, the Bank chose to hold the target for the overnight rate at 5% for a third consecutive time, pointing to weak Q3 GDP figures, reduced consumer spending and October’s lower-than-forecasted CPI reading of 3.1% as the main reasons for its decision. However, the Bank made note of the fact that inflation continues to remain higher than its target rate of 2%, and reaffirmed its commitment to achieving that 2% goal, even if it necessitated further rate hikes. Despite the Bank’s warning, most experts believe that the Bank’s rate hiking cycle is over, and are predicting rate cuts in the latter half of 2024 or in 2025. This means that we can safely assume that variable mortgage rates will remain at their current levels for the rest of 2023 and into 2024, and will begin to come down whenever the Bank chooses to start reducing the target for the overnight rate.
Fixed mortgage rates, unlike variable rates, are not tied directly to the Bank of Canada’s overnight lending rate. Rather, they are tied to the bond market, and rise and fall with bond yields. A variety of domestic and international factors have made the bond market rather unpredictable in 2023. After rising for much of the start of 2023, bond yields plunged in March before rising slightly and stabilizing at levels lower than they were a year ago, which gave lenders some leeway to lower fixed mortgage rates in the spring. As summer arrived, bond yields were once again on the rise, spurred by high inflation numbers and fears related to the US debt ceiling negotiations, forcing lenders to raise their fixed mortgage rates in consequence. The Bank of Canada’s resumption of rate hikes added additional instability in the already jumpy bond market. While the Bank’s September 6 rate hold did allow bond yields to come down slightly, they resumed climbing shortly after, propelled largely by anxieties related to geopolitical instability and “higher for longer” interest rates. However, the Bank of Canada’s October 25 rate hold, combined with that of the US Fed on November 1, caused bond yields to begin descending, allowing lenders to begin reducing their fixed mortgage rates. The slowing pace of inflation and the Bank of Canada’s associated December 6 rate hold has pulled bond yields even lower, to the 3.3% range (down from a high of 4.4% in mid-October and their lowest level since May). This has allowed for fixed mortgage rates to come down still further. Should bond yields keep trending downwards, we can expect that fixed mortgage rates will, too.
What bank has the lowest mortgage rates right now?
As of December 8, 2023, the Big 5 Bank offering the lowest 5-year fixed mortgage rates in Lethbridge is TD, with 5.53%. The Big 5 Bank offering the lowest 5-year variable mortgage rate in Lethbridge is CIBC, with a rate of 6.7%.
While these are the lowest Big 5 Bank mortgage rates in Lethbridge, they are not the lowest rates available. To find the best rate, be sure to consult our rate table above, which allows you to shop around from a whole range of mortgage providers. It’s updated throughout the day to ensure that you’re always seeing the most current mortgage rates in Lethbridge.
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Getting the best mortgage rates in Lethbridge

Jamie David, Sr. Director of Marketing and Mortgages
Why should I compare mortgage rates?
Not all mortgage rates are created equal. In addition to the different interest rates out there, mortgages also vary with what’s offered in their terms and conditions. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage rate and product for you, you need to compare all of your options, and the best way to do that is to talk to a mortgage broker.
Best mortgage rates in Lethbridge +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
5.04% | 5 years | Fixed | Canadian Lender |
5.39% | 4 years | Fixed | Canadian Lender |
5.59% | 3 years | Fixed | Canwise |
5.84% | 7 years | Fixed | Big 6 Bank |
6.14% | 2 years | Fixed | Big 6 Bank |
What is the difference between a fixed vs. a variable mortgage rate?
If you choose to get a fixed mortgage rate, your mortgage rate – and, therefore, your mortgage payment – stays the same throughout your entire mortgage term. If you’re risk-averse and/or just feel more comfortable knowing how much you’ll need to budget for each month, you should consider getting a fixed mortgage rate – but know that the security comes with a premium, in the form of a higher interest rate. Of all the mortgages in Canada, 66% currently have fixed rates.
Variable mortgage rates, on the other hand, are historically lower than fixed rates but can vary throughout the duration of your mortgage term. Variable rates are attached to Prime, so if Prime fluctuates up or down, so does your mortgage rate – and, therefore, your mortgage payment. If you’re comfortable taking on some risk, a variable mortgage rate could potentially save you a lot of money throughout the life of your mortgage. Of all the mortgages in Canada, 26% currently have variable rates.
Should I get an open or closed mortgage?
If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you are able to pay off the entire balance of your mortgage at any time throughout your term – without penalty. The downside is that you have to pay a premium for this option, which comes in the form of a higher interest rate.
Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because the interest rates are much lower. With a closed mortgage, the one restriction is that you’re only allowed to pay down a certain amount of your principal each year, as defined in the prepayment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a prepayment penalty.
How often are Ratehub.ca mortgage rates updated?
The mortgage rates you see were updated today. Our mortgage rates are sourced two ways: mortgage brokers can log into our website and update their rates, and we automatically update all the rates found on the websites of Canadian banks.
What is a rate hold?
A rate hold is a time period (typically 30-120 days) during which you can lock in the current best mortgage rate. If rates go down during this time, most lenders will honour the lower rate.
References and Notes
- All data percentages were taken from CAAMP’s Annual State of the Residential Mortgage Market in Canada 2013
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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