Compare Today’s Lowest 3-Year Fixed Mortgage Rates

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Your Guide to Getting the Best 3-Year Fixed Mortgage Rates

If you are searching for the best 3-year fixed mortgage rates, comparemortgages.ca is the top choice for borrowers across Canada. We have the resources and understanding of mortgages that can help you complete the process of securing a mortgage in Canada.

Compare 3-Year Fixed Mortgage Rates

Below is a table displaying the best rates from the five largest banks in the country. You can easily compare the rates offered by major Canadian lenders and banks, including TD Bank, RBC, CIBC, HSBC, and Scotiabank. We take care of the research to guarantee you the lowest possible rates upfront every time.

Comparing Bank Mortgage Rates

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the a range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

Compare The Best 3-Year Fixed Mortgage Rates

Securing a fixed rate mortgage, such as the 3-year, might be beneficial for your wallet as it will provide you with a steady monthly payment until the determined mortgage term passes. Be aware that Canada’s benchmark 5-year fixed qualifying rate is monitored by lenders to assess potential borrowers’ financial risk. This helps ensure the chosen mortgage is manageable and sustainable throughout its life span. Understanding what kind of mortgages are available to you and how long they can be stretched out will help you make an informed choice.

Benefits of Fixed-Rate Terms

Fixed-term alternatives provide an attractive selling point to borrowers: the security of a steady and known mortgage payment fixed for a certain period. With a fixed rate, such as a 3-year mortgage rate, you can feel at ease with the assurance that your monthly payments will stay the same until it’s time to renew your contract. In most cases, this form of “insurance” allows you to budget accordingly without fear that your premium will rise unexpectedly along the duration of your term (1 to 10 years). For these reasons, fixed-term mortgages offer great peace of mind and flexibility to cautious borrowers.

For buyers and homeowners who want a payment schedule they can maintain and affordable monthly or are generally more conventional, a 3-year fixed mortgage rate and others in this range are the best options. For instance, young families with mortgages that are too high compared to their income would be better off choosing the security that a fixed rate offers.

The popularity of the 3-Year Fixed-Rate Mortgage

The fact that the 5-year fixed rate is the most common mortgage option for Canadians doesn’t mean it’s the best choice for every borrower. Your decision should be based on your risk tolerance and ability to handle mortgage payment increases. Our experts are always available to help you choose the perfect mortgage term for your situation.

The 3-year fixed-rate mortgage has seen a rise in popularity due to rising interest rates and inflation numbers. A three-year fixed-rate mortgage usually comes with lower interest rates than a five-year one. This can lead to short-term savings on interest costs initially but can cost you more at renewal if interest rates increase rapidly over a short period of time.