Best 3-Year Mortgage Rates

Understanding mortgage terms

What is a mortgage term?

The term is how long your rate and conditions are locked — commonly 6 months to 10 years — which is separate from the amortization (the total time to pay off the loan, often 25 years). At the end of each term you renew at the prevailing rate.

Fixed vs variable

A fixed rate stays the same for the whole term, so your payment is predictable. A variable rate moves with the lender's prime rate — it often starts lower but can rise. Every rate here is labelled; use the rate-type filter above to see one or the other.

Open vs closed

A closed mortgage locks you in for the term (breaking it early costs a penalty) in exchange for a lower rate. An open mortgage can be paid off any time without penalty, at a higher rate. Most borrowers choose closed; open suits you if a sale or lump sum is coming.

How do I choose a 3-year term?

A 3-year term locks your rate for 3 years. Shorter terms keep you flexible if you expect rates to fall or plan to move; longer terms lock in predictability. The 5-year fixed is the Canadian default, but a shorter term can win if rates drop before renewal.

Get started today

Use the table below to compare every 3-year mortgage in our feed for your region, then confirm the current rate and terms directly with the lender. Posted rates are a starting point — your actual offer depends on your file.