3-Year Fixed Mortgage Rates in Canada
A 3-year fixed mortgage offers a shorter commitment than the 5-year fixed — ideal if you expect rates to drop significantly or plan to sell your home before the 5-year mark. You get rate certainty for 3 years without locking in for the full benchmark term. Current best rates start from 4.74%.
Today's Best Rates
Best: 4.74%| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| HELOC | 6.20% |
*Based on $500,000 home, 20% down, 25-yr amortization. Last updated: May 25, 2026. Rates updated daily.
Key Facts: 3 Year Fixed Mortgages
- Rate locked for 3 years — shorter commitment than the 5-year fixed
- Renewal in 3 years lets you capture lower rates sooner if rates fall
- Often slightly lower than 5-year fixed rates from the same lender
- Good option if you plan to sell or significantly change your mortgage within 3–4 years
- Prepayment penalties apply but are typically lower than 5-year products
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