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Best 3-Year Fixed Mortgage Rates

Last Updated: 20 Oct, 2018
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Lenders Rates Terms Amortizations Monthly Payments
3.24% 3 Year, Fixed Insurable 25 years
Industrial Alliance

Industrial Alliance

3.24% 3 Year, Fixed Insured 25 years
Canadian Western Bank

Canadian Western Bank

3.24% 3 Year, Fixed Insurable 25 years
Alterna Bank

Alterna Bank

3.29% 3 Year, Fixed Insurable 25 years
3.39% 3 Year, Fixed Insurable 25 years
Xceed Mortgages

Xceed Mortgages

3.44% 3 Year, Fixed Insured 25 years
3.44% 3 Year, Fixed Insurable 25 years
Libro

Libro

3.45% 3 Year, Fixed Insurable 25 years
ATB Financial

ATB Financial

3.49% 3 Year, Fixed Insurable 25 years
Industrial Alliance

Industrial Alliance

3.49% 3 Year, Fixed Insurable 25 years
Marathon Mortgage

Marathon Mortgage

3.49% 3 Year, Fixed Insured 25 years
Meridian Credit Union

Meridian Credit Union

3.54% 3 Year, Fixed Insured 25 years
Meridian Credit Union

Meridian Credit Union

3.54% 3 Year, Fixed Insurable 25 years
Merix Financial

Merix Financial

3.54% 3 Year, Fixed Insured 25 years
radius financial

radius financial

3.54% 3 Year, Fixed Insured 25 years
Right Mortgage

Right Mortgage

Best overall savings
3.54% 3 Year, Fixed Insured 25 years
Lendwise

Lendwise

Best overall savings
3.54% 3 Year, Fixed Insured 25 years
3.59% 3 Year, Fixed Insurable 25 years
3.64% 3 Year, Fixed Insurable 25 years
B2B Bank

B2B Bank

3.65% 3 Year, Fixed Insured 25 years
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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. 

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