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Today’s lowest 3-year fixed
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Rates updated: October 5, 2022 at 7:30 AM


3-Year Fixed

Rates updated: October 5, 2022 at 7:30 AM

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What our users say:

Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
Web page was quick and easy to use
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
July 29
Extremely simple
Extremely simple, and fast process.
July 26
excellent, professional service
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
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
Easy to use
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

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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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