Find the best mortgage rate in Lethbridge

On October 25, 2024, the best 5-year fixed mortgage rate in Lethbridge was 4.04%, while the best 5-year variable mortgage rate was 4.70%.

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. 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 October 23, the Bank of Canada cut the overnight lending rate by -0.50%, taking it from 4.25% to 3.75% in the fourth consecutive rate cut. The Bank pointed to declining inflation as the main factor behind its decision, with September's CPI of 1.6% coming well below the target of 2%. 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 5.95%, 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. 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. Throughout 2024, 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 October 23 announcement saw bond yields tumble as anticipation of a rate cut grew, permitting a few lenders to reduce their 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 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.

As of October 25, 2024, the Big 5 Banks offering the lowest rates are CIBC, with a 5-year fixed mortgage rate of 4.34%, and RBC, with a 5-year variable mortgage rate of 5.05%.

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.