Find the best mortgage rate in Lethbridge

On April 12, 2024, the best 5-year fixed mortgage rate in Lethbridge was 4.79%, 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.

The last couple of years have been pretty rough for borrowers and home buyers in Lethbridge and all over Canada. In an effort to tamp down soaring inflation, the Bank of Canada effected a historically steep rate hiking cycle between March 2022 and July 2023 that took the overnight lending rate from 0.25% to 5%, where it sits today. During that same period, bond yields rose dramatically in response to inflation-related fears and caused fixed mortgage rates to double. With all of that, it’s no wonder that people are wondering whether there will be any rate relief in 2024. 

It seems like there may, at last, be some good news in that department. At its most recent announcement on April 10, the Bank of Canada held the overnight lending rate at 5% for the sixth time in a row, pointing to a stalled economy and easing labour market conditions as some of the main factors behind its decision. The Bank pointed out, however, that February’s inflation reading of 2.8% was higher than its target inflation rate of 2%, and stated that rates would therefore need to remain higher for longer so that they can have their intended effect. Most market observers are now predicting that the Bank of Canada will hold the overnight lending rate steady for most of the year before beginning to cut it towards the end of 2024 and into 2025 (provided economic indicators trend in line with expectations, of course). Should this materialize, the prime rate in Canada will come down from its current level of 7.2%, and variable mortgage rates will fall almost immediately. 

Fixed mortgage rates are not tied directly to the Bank of Canada’s rate decisions, but rather to the bond market, which has been extremely reactive and volatile over the past year or so. Any sign of entrenched inflation or other negative economic trends spurs anxious investors to sell bonds, and these sell-offs in turn cause bond yields to climb. When that happens, fixed mortgage rates move up as well. After hitting a 16-year peak of 4.42% in October, bond yields gradually slid down to the low 3% range in December and early January, which allowed lenders to reduce their fixed mortgage rates. Throughout 2024 so far, though, bond yields have risen and fallen with little predictability, as a jumpy bond market reacts to economic data from Canada, the United States and beyond. A higher-than-anticipated Canadian CPI reading from December sent bond yields climbing to the 3.8% range in January and into February, before they tumbled down to 3.3% on the heels of January’s CPI reading of 2.9%. More recently, several unexpectedly robust economic reports from the United States have caused them to rise to their current 3.7% range. With the Bank of Canada’s April 10 rate hold having been widely expected, it had little impact on the bond market, and thus, fixed mortgage rates.

The bond market will almost certainly continue to be volatile and unpredictable in the short term. Looking at the bigger picture, however, provided the Bank’s measures are successful in reining in inflation, we can expect that bond yields will descend as well and bring fixed mortgage rates down with them.

As of April 12, 2024, the Big 5 Bank offering the lowest 5-year fixed mortgage rates in Lethbridge is RBC, with 4.84%. The Big 5 Bank offering the lowest 5-year variable mortgage rate in Lethbridge is also RBC, with a rate of 6.59%. 

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.