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Rates updated: May 28, 2022 at 7:30 AM


3-Year Fixed

Rates updated: May 28, 2022 at 7:30 AM

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May 18
Sandra was amazingly personable
Sandra was amazingly personable, efficient and knowledgeable. Kudos! A great ser...
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May 13
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It was great experience and very helpful for what I needed!!!!
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May 11
Very accurate quotes that are fast …
Very accurate quotes that are fast thanks guys
May 10
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Very pleasant and helpful. No pressure there for the client
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May 6
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Great help and very nice people, got everything figured out fast!
May 5
They so friendly and informative
They so friendly and informative! Keep it up
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May 5
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Quick and courteous follow-up, connected me with a broker instantly.
April 27
Great experience
Was great, provided a few quotes and I felt no pressure to accept any of them. I...
April 19
This company does Follow up and Follow…
This company does Follow up and Follow through and that is so necessary because ...
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April 13
Quick to respond and very competitive…
Quick to respond and very competitive rates offered.
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April 13
Awesome service easy to deal with fast…
Awesome service easy to deal with fast and friendly
April 12
very fast service
very fast service, polite, efficient
April 11
yes it was quick and easy
yes it was quick and easy, like 100%
April 8
I spoke with Barb and she was very…
I spoke with Barb and she was very polite knowledgeable and friendly and profess...
Elena LiaBogdan
April 4
Its a good experience.
AnjoeTharakan Antony
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
October 26
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Easy to use, easy to find the result that you're looking for! 5 star coverage!
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson
September 30 is the best out there is the best out there. They are fast efficient and gets job done...
Maria M. T.
August 31
very quick and reliable rates
very quick and reliable rates
Tracie N

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3-year fixed rate mortgages in Canada: What you need to know.

A 3-year fixed-rate mortgage is a great option for Canadians who want the stability of a fixed rate for a short period of time and the flexibility of being able to renew their mortgage sooner than the more common five-year term.

If you’re ready to compare 3-year fixed mortgage rates right now, choose one of the options above. If you’re renewing, refinancing, or are a first-time homebuyer in need of a new mortgage, can help you find the lowest rate on a three-year fixed mortgage.

Because we compare mortgage rates from the country’s top banks, brokers, and lenders, and we update those rates throughout the day, you’ll always see the most current 3-year fixed mortgage rates.

Your questions about 3-year fixed-rate mortgages, answered.

When should you consider a 3-year fixed-rate loan?

A 3-year fixed-rate mortgage loan is a great option for borrowers who might plan to move within a few years following your home purchase. There are several reasons this might be the case: You’re planning on expanding your family and will require a larger home, or you plan to move towns or cities for a new job. If you’re unsure whether or not you’d like to live in the home you’re purchasing long-term, a 3-year fixed-rate mortgage might be a good choice for you. You also might want to consider a three-year mortgage term if you believe mortgage rates will fall within the next few years, as that would allow you to renew your mortgage at a lower rate.

Are 3-year fixed-rate mortgages better than other mortgage terms?

While one mortgage term isn’t necessarily better than others, a 3-year fixed-rate mortgage is a great option for many homebuyers. Three-year fixed rate mortgages are one of the more popular shorter terms available in Canada. More competition among lenders in the market means more competitive rates for borrowers, so there’s a good chance you’ll save money by comparing 3-year fixed-rate mortgages. Another advantage of 3-year fixed-rate mortgages is that lenders typically offer lower rates for short-term mortgages. So, you can save money by choosing a shorter term compared to if you choose a longer term. 

What is a good 3-year fixed mortgage rate?

A good mortgage rate will depend on a number of factors. Every borrower is evaluated by lenders based on their creditworthiness. To determine this, lenders will verify a borrower’s income and work history, your credit score and debt ratios, among other factors. Borrowers who have a solid credit history have a great chance of qualifying for a good 3-year fixed-rate mortgage. There’s no one-size-fits-all for mortgages, so what’s considered a good rate to one person may not seem so to another. And keep in mind that rates are always fluctuating, so what’s considered good today may seem even better tomorrow if rates rise.

How is the 3-year fixed mortgage rate set?

Lenders use the Government of Canada’s bond market to set their fixed rates. A government bond is an investment type where an investor lends money to the government at a fixed rate for a specific amount of time, earning interest over the term of the bond. Once the bond term is up, the investor receives their principal investment back in full. Because these investments are considered so safe, lenders use their bond yields to cover the cost of the mortgages they lend out. They will offer rates based on their bond yields. Usually, mortgage rates are 1-2% higher than bond yields. 

How much can you save comparing 3-year fixed rates in Canada with

Since started, we’ve helped our users save $1 billion in interest and fees. While a small percentage difference in mortgage rates may not seem like much, even a fraction of a percentage point savings can result in thousands of dollars in saved money over a mortgage term. And since mortgage amortization periods are so long (they typically run between 25 and 30 years), a few thousand dollars in savings each year can really add up. You can compare 3-year fixed rates on and potentially save thousands of dollars. 

Lisa Coxon

Lisa Coxon

About the Author

Lisa is an Editor and Writer for Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies.

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