This Page’s Content Was Last Updated: April 2026
This Page’s Mortgage Rates Were Last Updated: April 15, 2026 11:28 AM ET
Today’s Mortgage Rates updated as of April 15, 2026 11:28 am
3-Year Fixed*
*Insured mortgage rates only. Conditions apply. Rates are current as of today and subject to change without notice. Applicable to high-ratio purchase and renewal transactions with loan-to-value (LTV) ratios greater than 80.01% and up to 95%. Certain programs may also be available for insured files at 65% LTV and below, subject to insurer and lender guidelines on OAC.
Locks in your mortgage rate and payment for 3 years
Offers a balance of stability and flexibility
Less renewal risk than 1- or 2-year terms
Still requires planning before renewal
A 3-year fixed mortgage rate provides a guaranteed interest rate and payment for 36 months. This term offers a balance between short-term flexibility and longer-term stability, making it a common choice for borrowers who want predictability without locking in for five years or more.
At Citadel Mortgages, we help Canadians understand when a 3-year fixed mortgage makes sense, how it compares to other terms, and what to plan for before renewal.
A 3-year fixed mortgage is a mortgage term where:
The interest rate is fixed for three years
Monthly payments remain consistent
You’re protected from rate increases during the term
At the end of the 36-month term, the mortgage must be renewed, refinanced, or paid out, depending on market conditions and your financial goals.
According to the Financial Consumer Agency of Canada, fixed-rate mortgages provide payment stability for the length of the term, while renewal terms depend on market conditions at maturity.
Even though your rate is fixed during the term, new 3-year fixed mortgage rates change regularly due to:
Interest rate policy decisions
Inflation expectations
Lender funding costs
Mortgage rate trends are influenced by broader economic conditions and monetary policy set by the Bank of Canada.
A 3-year fixed mortgage may be suitable if you:
Want stability without a long-term lock-in
Expect potential changes in income or plans within 3–5 years
Are cautious about frequent renewals but want flexibility
Prefer predictable payments for the medium term
Borrowers seeking maximum certainty may prefer longer fixed terms.
Predictable payments for three years
Less renewal risk than very short-term fixed mortgages
More flexibility than a 5-year or longer term
Easier budgeting in the medium term
Renewal risk still exists
Less stability than long-term fixed rates
Fixed-rate penalties may apply if broken early
This Page’s Mortgage Rates Were Last Updated: April 15, 2026 11:28 AM ET
Important: Actual pricing depends on credit, income, down payment, property type, and lender program.
3-Year Fixed Mortgage
Balanced stability and flexibility
Moderate renewal frequency
1- or 2-Year Fixed Mortgage
Greater flexibility
Higher renewal risk
5-Year Fixed Mortgage
Greater long-term stability
Less flexibility
You can compare all options on our Best Mortgage Rates in Canada page.
Before choosing a 3-year fixed mortgage, consider:
How long you plan to stay in the property
Whether refinancing or selling is likely
Your tolerance for interest-rate risk
Penalties and renewal rules
Understanding your mortgage renewal options ahead of time helps avoid surprises.
“A 3-year fixed mortgage is often a strong middle-ground option for borrowers who want certainty today without committing to a long-term rate in an uncertain market.”
You can renew, refinance, or switch lenders depending on your financial goals and market conditions.
Typically, 3-year fixed rates are slightly higher than 1- or 2-year terms but lower than 5-year terms.
Yes, but early repayment penalties may apply based on your lender’s terms.
Yes, it offers stability while allowing flexibility to reassess your mortgage after three years.
They can be, depending on market expectations at the time.
Yes, because renewal risk is reduced, but it’s not eliminated.
Yes. Fixed-rate mortgages typically include penalties if broken before maturity.
Simplify your financial planning with our full calculator suite:
When you work with Citadel Mortgages, you benefit from:
Access to banks, credit unions, and alternative lenders
Clear explanations of renewal risk and penalties
Mortgage advice focused on planning, not just rates
Support before, during, and after renewal
Some borrowers also explore long-term mortgage planning strategies, such as a 2-in-1 mortgage structure, depending on their goals:
A 3-year fixed mortgage offers a smart balance between stability and flexibility. Citadel Mortgages helps you compare options, understand renewal risks, and choose a mortgage aligned with your plans.