Find the best mortgage rate in Lethbridge

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.

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.

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.