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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 2024?
On September 5, 2024, the best 5-year fixed mortgage rate in Lethbridge was 4.19%, while the best 5-year variable mortgage rate was 5.3%.
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 2024 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%. 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 further rate relief in 2024.
It seems like there is some more good news in that department. At its most recent announcement on September 4, the Bank of Canada cut the overnight lending rate by 0.25%, taking it from 4.5% to 4.25% in the third consecutive rate cut since March 2020. The Bank pointed to declining inflation as the main factor behind its decision, citing July's CPI of 2.5%, as well as the fact that inflation is falling in the United States and across much of the world. Most market observers are now predicting that the Bank of Canada will cut the overnight lending rate a few more times over the course of the year and into 2025 (provided economic indicators trend in line with expectations, of course). Should this materialize, the prime rate in Canada will come down further from its current level of 6.45%, 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. In recent news, the days leading up to the Bank’s September 4 announcement saw bond yields tumble as anticipation of a rate cut grew, permitting a few lenders to reduce their fixed mortgage rates. Once the rate cut became official, bond yields fell further, hitting the 2.8% range, and quite a number of lenders dropped their fixed mortgage rates relatively quickly, with more sure to follow suit.
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 continue to be successful in reining in inflation, we can expect that bond yields will descend as well and bring fixed mortgage rates down with them.
What bank has the lowest mortgage rates right now?
As of September 5, 2024, the Big 5 Banks offering the lowest 5-year fixed mortgage rates in Lethbridge are CIBC and RBC, with 4.64%. The Big 5 Bank offering the lowest 5-year variable mortgage rate in Lethbridge is also TD, with a rate of 5.59%.
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.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
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 |
---|---|---|---|
4.19% | 5 years | Fixed | Canadian Lender |
4.44% | 3 years | Fixed | Canwise |
4.54% | 4 years | Fixed | Big 6 Bank |
5.06% | 7 years | Fixed | CIBC |
5.14% | 6 years | Fixed | Bank of Montreal |
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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