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Best 3-Year Fixed Mortgage Rates

Last Updated: 14 Aug, 2018
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Lenders
Rates
Terms
Amortizations
Monthly Payments
 
Rate
3.14%
Terms
3 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.14% 3 Year, Fixed
monthly
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Rate
3.19%
Terms
3 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.19% 3 Year, Fixed
monthly
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Rate
3.24%
Terms
3 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.24% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.24%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.24% 3 Year, Fixed
monthly
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Lender
HSBC

HSBC

Rate
3.24%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.24% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.29%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.29% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.30%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.30% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.39%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.39% 3 Year, Fixed
monthly
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Rate
3.39%
Terms
3 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.39% 3 Year, Fixed
monthly
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Rate
3.44%
Terms
3 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.44% 3 Year, Fixed
monthly
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Rate
3.44%
Terms
3 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.44% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.44%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.44% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.45%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.45% 3 Year, Fixed
monthly
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Rate
3.49%
Terms
3 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.49% 3 Year, Fixed
monthly
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Rate
3.49%
Terms
3 Year, Fixed
Amortization
Insurable 25 years
Monthly Payment
3.49% 3 Year, Fixed
monthly
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Rate
3.49%
Terms
3 Year, Fixed
Amortization
Uninsured 30 years
Monthly Payment
3.49% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.49%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.49% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.49%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.49% 3 Year, Fixed
monthly
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Lender

Lender
Rate
3.50%
Terms
3 Year, Fixed
Amortization
NA
Monthly Payment
3.50% 3 Year, Fixed
monthly
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Rate
3.54%
Terms
3 Year, Fixed
Amortization
Insured 25 years
Monthly Payment
3.54% 3 Year, Fixed
monthly
Get Rate
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What is a 3-year fixed rate?

The term “3-year fixed rate” is made up of two parts: the length of time and the type of mortgage.


The length of term is how long you agree to a certain set of conditions for your mortgage, and the type of mortgage dictates the interest rate you’ll pay. A fixed rate mortgage means that the interest rate won’t change throughout the duration of the term (in this case, three years).

When the term ends, your mortgage isn’t paid off. The end of a term means you’ll have to get a new term, with new conditions and interest rates.

 

 

Who is a 3-year fixed term best for?

There are a couple reasons to go for a 3-year fixed term:

1.       You expect to fully pay off your mortgage within three years, or move

2.       You want to strike a balance between locking in savings and the potential to renew at a lower rate

 

However, there are a few downsides to this as well:

1.       If rates are going up, you will have to renew into a higher rate years sooner than a longer term

2.       If you want to switch lenders at every renewal, you’ll have to pay more in switching costs

3.       If rates are going down, you would save more money with a variable rate

 

 

How popular is a 3-year fixed term?

In Canada, most homebuyers choose a fixed rate mortgage. Mortgage terms between 2 – 4 years are the second most popular option but are far behind 5-year fixed terms. 2 – 4-year terms are the most popular with homebuyers under the age of 55, at 23%. Those with a mortgage over the age of 55 overwhelmingly choose a 5-yearmortgage and are almost evenly split between a 2 – 4-year term and a 6 – 10-year term.

 

 

Mortgage Type

Mortgage Holders Under 55

Mortgage Holders
Over 55

1 year

6%

6%

2 – 4 year

23%

12%

5 year

65%

69%

6 – 10 year

6%

10%

11+ year

0%

2%

 

With the fear of rising interest rates, many homebuyers and mortgage holders needing to renew will probably opt for a fixed mortgage. 

Posted at: 2018-08-14

Nearly every Canadian chooses to extend their amortization for as long as possible. Data from Canada Guaranty shows that 97% of mortgages insured through them in the first quarter of 2018 had amort...

Posted at: 2018-08-13

Increasing home prices is one of the reasons that uninsured mortgages are outstripping insured mortgages in raw numbers in Canada – more than 58% of all mortgages in Canada are uninsured, accordi...

Posted at: 2018-08-10

Rising home prices have been noticed by nearly everyone in Canada. From the astonishing growth of the condo market (especially in markets in Toronto and Vancouver) to the recovery of the detached ...

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