3 Year Fixed Mortgage Rates In Canada Today

Three year fixed mortgage rates in Canada sit between 3.90% and 4.89% on the board as of October 29, 2026, with the lowest 3-year fixed row at 3.90% on October 23. That is the day after the Bank of Canada raised its policy rate to 2.50% and the big banks moved prime from 4.45% to 4.70%. Fixed terms price off bond yields, so a 3-year does not move one-for-one with prime, but the whole rate sheet shifted up in October.

3 Year Fixed Mortgage Rates On The Board

These rows come from r/MortgagesCanada, dated and linked, as collected on the rate board. A row is one borrower's report, not a quote, and most were written before or on the day of the October 28 hike.

The spread between the best and worst 3-year rows on the board in late October is about 0.99 points, 3.90% to 4.89%, which is why the same term can carry very different payments. Whether the file is insured matters too. The rows above were mostly not stated as insured; aggregators around October 28 advertised 3-year fixed lows near 4.44% insured, and uninsured pricing runs higher. The earlier look at a 4.43% three-year offer covers what separates a good quote from a headline: see is 4.43% a good three-year fixed.

Published 3-Year Rates At The Banks

The board shows what individual borrowers were offered. The bank rate pages show what is published. RBC's page on October 29, 2026 lists a 3-year special of 4.99% and a posted 3-year of 6.25%. Scotiabank's posted closed fixed page, effective October 29, 2026, shows a 3-year at 6.05% with no specials published. This site is independent and not affiliated with either bank; the names identify whose rates are shown.

Posted rates are the ceiling, and almost nobody pays them, but they matter for one thing: IRD penalties at the big banks are often calculated against posted rates adjusted for your original discount, which tends to make breaking a term there more expensive than at a monoline. More on that in the penalty section below. TD, CIBC and BMO had not updated their rate pages after the hike when checked on October 29, so their 3-year published figures are left out here rather than guessed.

One pattern worth acting on: among the rows shown, the best 3-year fixed rows (4.32% to 4.44%) include a Scotiabank approval, an RBC offer and a BMO rate posted as available, not just a first renewal letter (TD's was 4.89%). If you have a renewal letter in hand, request cheaper rates and ask the broker specifically to price a 3-year fixed against your bank's offer, including whether your file is insurable.

3-Year Against 5-Year Fixed On $500,000

The 3 year fixed vs 5 year fixed question comes down to rate today against rate risk in 2029. On the board, the cheapest recent 3-year was 3.90% (October 23) and the cheapest recent 5-year was 3.99% (October 3), both from lenders not named; among late-October rows the best 5-year was 4.24% (October 21). On a $500,000 mortgage with 25-year amortization, the payment math from the payment table:

The gap between the board's 3.90% 3-year and the 4.24% 5-year is $92.49 a month, or about $3,329.64 over three years. The 3-year borrower then reprices in 2029; the 5-year borrower is locked until 2031. For context on RBC's published sheet, its conventional specials ran 4.99% on the 3-year against 5.14% on the 5-year, with an insured 5-year special at 4.84%. For the full 5-year picture, see 5-year fixed mortgage rates.

Who A 3-Year Term Suits After The Hike

October 28 was the first hike since July 2023, taking the overnight target from 2.25% to 2.50%. The Bank said a further increase may be needed and that it will proceed carefully. Among forecasters after the hike, BMO expects another 25 bps in January 2027, Desjardins expects one more hike with data-dependent timing, and CIBC sees likely one more and not above 2.75%. Those are their calls, not the site's.

A 3-year term splits the difference between the two extremes:

• Borrowers who think rates fall by 2028 or 2029 take the cheaper rate now and keep the option to reprice at the next cycle.
• Borrowers renewing out of a pandemic-era low rate who want a shorter commitment at a painful new payment.
• Borrowers with plans that change inside three years: a move, a refinance, or a household income shift. An IRD shrinks as the remaining term shortens, so a 3-year keeps the exposure window short by construction.

The trade-off is spelled out in fixed or variable after a rate hike, and the December 9, 2026 decision date is the next data point; the schedule is on Bank of Canada rate announcement dates.

Best 3 Year Fixed Mortgage Rates Canada: Clean Files Get Them

The best 3 year fixed mortgage rates in Canada right now go to files with low loan-to-value, documented income and strong credit. The 4.34% B2B row came from a rate sheet dated October 21; the 4.32% Scotiabank row was flagged as approval ready; the 3.99% row from October 7 sat at the low end of the range. Banks raised advertised fixed rates by about 5 to 20 bps across terms in October, per aggregator reports, so quotes this week are generally higher than quotes three weeks ago.

Qualifying still runs through the stress test: the higher of the contract rate plus 2 points or 5.25%. A 4.44% contract rate means qualifying at 6.44%. Insured files also carry CMHC GDS and TDS limits of 39% and 44%; uninsured limits are each lender's own and are not published. Whether a mortgage can be insured at all depends on price and down payment, and insured files price lower. The mechanics are in the mortgage stress test on a new loan.

The Penalty On A 3-Year Term

On a fixed mortgage, the prepayment penalty is usually the greater of three months' interest or the interest rate differential, per FCAC rules. Three months' interest is balance times rate divided by 12, times 3: FCAC's own example is $200,000 at 6% equal to $3,000. IRD is roughly balance times (contract rate minus comparison rate) times months remaining divided by 12, so it shrinks as the remaining term shortens.

On a 3-year term the IRD window is short, which is a real advantage over a 5-year. The catch is the comparison rate. Big banks often use a posted-rate IRD, comparing against the current posted rate for the remaining term minus your original discount, which tends to produce larger penalties than the discounted-rate method used by many monolines and credit unions. Your contract and the lender's disclosure set the method. Run your own numbers with the mortgage penalty calculator before assuming any break cost.

One more note on variable comparison shopping: most variable board rows were quoted against the old 4.45% prime, so a prime-minus quote from before October 29 sits about 0.25 points higher today if the discount holds. Fixed 3-year quotes do not reprice the same way, but lenders have been nudging them up all month.

Before you sign any 3-year offer, request cheaper rates and ask a licensed mortgage broker to price your file three ways: 3-year fixed, 5-year fixed, and 5-year variable, with your insurability confirmed. That comparison, on your actual numbers, is the only way to know which term the October hike left cheapest for you.

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