What is the best 3-year fixed mortgage rate in Canada today?
As of October 12, 2026, major bank 3-year fixed rates are CIBC 5.09%, TD 5.14% and RBC 5.27%. Brokers can often beat posted bank rates.
Last updated
Best 3-Year Fixed Mortgage Rate Canada 2026
The 3-year fixed mortgage offers a middle ground between the flexibility of variable rates and the certainty of a 5-year term. Compare today's best 3-year fixed rates.
Best bank rate
5.09%
3Y fixed · special
5Y fixed (compare)
4.34%
5Y fixed · broker
Prime rate
4.45%
Bank of Canada
Rates updated every Monday. Bank rates are special/discounted rates as posted on each lender's website. Broker rates represent the lowest available insured rates from aggregators. Not financial advice — always confirm rates directly with your lender.
Rates verified Oct 15, 2026
About the 3-year fixed mortgage
A 3-year fixed rate gives you payment certainty for a shorter term than the popular 5-year fixed. You'll renew sooner, which can be an advantage if you expect rates to fall — or a risk if they rise. The penalty for breaking a 3-year fixed early is typically lower than a 5-year fixed.
Frequently Asked Questions
Is a 3-year or 5-year fixed mortgage better in 2026?
If you expect rates to fall, a 3-year fixed lets you renew sooner at potentially lower rates. If rates rise, a 5-year fixed protects you longer. With rates expected to stay stable through 2026, the choice depends on your personal plans — if you might sell or refinance within 5 years, the 3-year term reduces penalty risk.
Why are 3-year fixed rates sometimes higher than 5-year fixed rates?
This happens when lenders expect rates to fall in the future. They price shorter terms higher because they anticipate renewing you at lower rates. This is called an inverted yield curve.
Can I get a better 3-year fixed rate through a broker?
Yes — mortgage brokers typically access rates 0.3%–0.8% lower than posted bank rates. Contact a broker after comparing rates here to get a personalized quote.
Educational reference only. Not financial or lending advice.