Compare the best 3-year fixed mortgage rates for free.

On average, Canadians save thousands of dollars per year by comparing rates with us.

Today’s lowest 3-year fixed
mortgage rate in:



Rates updated: September 28, 2021 at 1:26 PM


3-Year Fixed

Rates updated: September 28, 2021 at 1:26 PM

Compare 3-year fixed mortgage rates from 75+ of Canada's top banks and brokers in 3 minutes.

25,994 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

Based on 336 reviews
August 31
very quick and reliable rates
very quick and reliable rates
Tracie N
August 15
Don’t hesitate to move your policy
My rates went up again with my current insurance even though I have barely drive...
August 12
I can’t believe how quickly I am…
I can’t believe how quickly I am getting email responses. Very happy with this...
July 25
Awesome 👍😎
Awesome 👍😎
Joshua Leong
July 1
excellent service
excellent service
An Luu
June 22
Highly recommended
Excellent customer service. Was very patient and answer my customers toughly. Fo...
Karan Parmar
June 11
Very nice broker
Very nice broker. Good service. Found a great deal.
Meredith Berggren
June 5
Awesome work
wow what an awesome rep. He did up everything, extremely fast and was very under...
Delroy Paul
May 26
Quick service
Quick service, good price
May 22
Imad Harrouk was great !
Imad Harrouk was great ! intelligent well spoken professional polite a perso...
james bannon
May 20
Excellent !!! Very competitive rates !!
Excellent customer services also they have very competitive rates !!
Eliza Gallant
May 18
I was treated fairly and walked through…
I was treated fairly and walked through my purchase.I enjoyed the agent was exce...
paul neville
May 14
Highly recommend
Great experience, simple to use and they gave me a lot of options at prices that...
Chandra Wilson
May 13
Amazing service
Amazing service, Sonia is patient and helpful. Can not complain. I am happy with...
Miroslav Adalbert Elias
May 11
Easy, clear and fast. Very effective.
Rene Izquierdo de la Cruz
May 6
Sonia was very helpful and nice…
Sonia was very helpful and nice throughout the whole process. She got me the bes...
Ali Al-Rubayee
January 27
Professional and friendly.
Professional and friendly.
Grzegorz Zielinski
August 16
We couldn't be happier with the…
We couldn't be happier with the results. It saved me both time and money. You w...
August 15
I think there are some rooms for…
I think there are some rooms for improvement
Viswanathan Subban

How comparing mortgage quotes works. Hint: it’s free!


Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.


When you find the best quote, secure your rate by talking to a licensed broker or agent.

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.

What is a 3-year fixed rate mortgage?

The first thing you should understand about a mortgage is the term. This is the length of time your mortgage contract and interest rate will be in effect. A 3-year fixed-rate mortgage is a mortgage that has a term of three years.

But remember — just because you have a 3-year fixed mortgage doesn’t mean you pay off your mortgage in three years. You’ll likely need many terms to pay off your mortgage. The total time that it takes to pay off your mortgage loan is called the amortization period. When your term comes to an end, you’ll have the option to renew the contract or renegotiate it, which may impact the length of your amortization period.

The second thing to understand about a mortgage is the type of interest rate you’re paying on it. That can be either fixed, where your interest rate remains the same for the term of your mortgage, or variable, where your interest rate fluctuates based on the behaviour of the Bank of Canada.

With a 3-year fixed mortgage rate, you’ll be charged the same interest rate for three years, no matter what happens in the markets. Keep in mind that fixed mortgage rates tend to be higher than variable mortgage rates.

When you sign a three-year fixed-rate mortgage, you enter a contract that’s valid for three years and you will have equal payments be put towards your interest and loan in the same capacity for the duration of your mortgage term.

Other helpful terms to know when it comes to 3-year fixed mortgages:

  • Closed mortgages. These are mortgages that have limits on the amount of extra money you can pay on top of your monthly mortgage payment. Interest rates on closed mortgages tend to be lower than on open mortgages (see below). Lenders depend on the stream of revenue you provide with your mortgage loan; paying it off sooner than scheduled can affect their finances. In Canada, a 3-year fixed-rate closed mortgage means you’re locked into the mortgage for three years, your monthly payments don’t change, and you will likely not be able to make any other payments on top of that. Finding the best 3-year fixed rate mortgage with no fees payable is often difficult because of the costs incurred if you choose to break your mortgage.
  • Open mortgages. These types of mortgages allow you to make larger monthly mortgage payments without being penalized for it. Open mortgages present the opportunity to pay off your mortgage sooner and as such, lenders usually charge more interest on them. A 3-year fixed-rate open mortgage in Canada means you would be locked into the mortgage contract for three years and you do have the ability to make additional payments towards your mortgage loan.

When you run a comparison on 3-year fixed mortgage rates on, you can specify whether you’d like to see rates for an open or closed mortgage. See what the major Canadian banks and leading mortgage brokerages offer on 3-year fixed mortgages by comparing rates today.

What is the average interest rate on a 3-year fixed rate mortgage in Canada?

Interest rates are always changing. To compare today’s 3-year fixed mortgage rates from 75+ banks and brokers, choose whether you’re buying a home, renewing or refinancing and click the “Get Started” button at the top of the page — we update our rates throughout the day, every day.

Here’s a look at historical average mortgage rates from

MonthOur average fixed rateOur average variable rate

What fees are associated with a 3-year fixed rate mortgage?

Are you after the cheapest 3-year fixed rate mortgage with no fees? Unfortunately, a 3-year fixed rate mortgage with no fees doesn’t exist. All mortgages come with fees, and we’ve outlined many of them below:

  • Mortgage broker fees: If you secure your mortgage through a broker, you’ll be responsible for paying them a finder’s fee. If you are a subprime borrower (meaning you have a low credit score or need a high ratio mortgage), you may be asked to pay another fee upfront, which protects the broker in case you end up not qualifying for a mortgage.
  • Default Mortgage Insurance: In Canada, if your down payment is less than 20% of the home’s sale value, you need to purchase mortgage insurance from the Canadian Mortgage Housing Corporation. Mortgage insurance premiums are folded into your monthly mortgage payments and are intended to protect your lender in case you default on your mortgage.
  • Provincial Sales Tax (PST): In some provinces, a Provincial Sales Tax (PST) is tacked on to your mortgage balance and has to be paid when you close on the home.
  • Interest adjustment costs: This fee can come into play if you close on a house in the middle of a month. If that happens, your lender may charge you for the interest accrued before you actually pay your first full mortgage payment.
  • Appraisal fee: Part of the mortgage approval and homebuying process includes an independent appraisal of your home, to see if it meets your lender’s lending criteria. This cost falls to you. This is one reason why even the best 3-year fixed rate mortgages won’t come with no fees payable.
  • Prepayment penalty: If you have a closed mortgage, you’ll be charged a fee if you make extra payments. If you plan to make more payments than just the monthly one, or if you plan to make a larger payment that what’s required each month, you should opt for an open mortgage instead of a closed mortgage.

As we stated above, there’s no such thing as a 3-year fixed rate mortgage with no fees. It’s best to estimate these fees ahead of time so you’re not taken off guard when payment comes due. These are fees associated with the mortgage itself; there are several others associated with the homebuying process in general, including legal costs, property taxes, and land transfer taxes.

The good news? We can help you find the lowest 3 year fixed mortgage rates. All you have to do is use the mortgage quoter to find the best 3-year fixed mortgage rates in Canada.

Should I use a mortgage broker or a bank?

You can secure the best rates on a 3-year fixed mortgage with a broker, or with a bank. Which one you choose is up to you.

If you go with a mortgage broker, chances are you’ll benefit from better rates than you would with a bank. That’s because brokers have access to a wide range of lenders, giving you more options. There are other plusses, too, including that brokers don’t have an allegiance to any particular lender, so you can feel confident that they’re trying to secure the best rate.

That said, there’s a chance you might not get access to every single lender out there, since some lenders don’t work with brokers.

What is the difference between a 2-year vs 3-year fixed rate mortgage?

  • 2-year mortgage rates will be lower than 3-year mortgage rates.
  • Your mortgage contract will end after 2 years.

What is the difference between a 3- or 5-year fixed rate mortgage?

  • 3-year mortgage rates will be lower than 5-year mortgage rates — but higher than 2-year mortgage rates.
  • Your mortgage contract will end after 3 years.

Where can I get the cheapest rate on a 3-year fixed rate mortgage in Canada?

While we can’t recommend one Canadian bank over the other for their 3-year fixed rate mortgage deals, we can give you some advice on how to look more attractive to potential lenders. To secure the best 3-year fixed rate mortgage offer, make sure:

  • Your Total Debt Service and Gross Debt Service ratios are 32% and 40% or under, respectively.
  • You can pass the mortgage stress test.
  • You have a high credit score.
  • You have a decent down payment, and you can prove it’s not borrowed.
  • You have a steady income.

If you check these boxes, you’ll have more options when it comes to mortgages. If you only check some of these boxes, you may still get a mortgage but it will likely be from a B lender, which offers slightly higher interest rates.

Compare rates now to find the best 3-year fixed mortgage rates in Canada that suit your needs.

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.

Read More

Mortgage news

Read More Like This