3-Year Open Variable Rate Mortgage
Learn the pros and cons of a 3-year open variable mortgage. Find the best mortgage rate for your home.
Today's Best Mortgage Rates in Canada
Evaluate Canada's best 3-year variable mortgage rates in one place. RATESDOTCAs Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Updated 13:25 on May 24, 2025| Placeholder |
Insured
The rates in this column apply to borrowers who have purchased mortgage default insurance.
This is required when you purchase a home with less than a 20% down payment.
The home must be owner-occupied and the amortization must be 25 years or less.
|
80% LTV
The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
|
65% LTV
The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
|
Uninsured
The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.
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Bank Rate
Bank Rate is the mortgage interest rate posted by the big banks in Canada.
|
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 4.79% | 4.79% | 5.59% |
5.49%
|
| 2-years fixed rate | 4.04% | 4.19% | 4.19% | 4.70% |
4.79%
|
| 3-years fixed rate | 3.87% | 3.89% | 3.89% | 4.24% |
4.39%
|
| 4-years fixed rate | 4.09% | 4.15% | 4.15% | 4.44% |
4.39%
|
| 5-years fixed rate | 3.79% | 3.89% | 3.89% | 3.99% |
4.09%
|
| 7-years fixed rate | 5.19% | 5.00% | 5.00% | 5.19% |
5.00%
|
| 10-years fixed rate | 5.24% | 5.24% | 5.24% | 5.29% |
6.09%
|
| 3-years variable rate | 4.40% | 4.30% | 4.30% | 4.40% |
6.35%
|
| 5-years variable rate | 4.04% | 4.04% | 4.04% | 4.05% |
4.25%
|
| HELOC rate | N/A | N/A | N/A | N/A |
N/A
|
| Stress Test | 5.25% | 5.25% | 5.25% | 5.25% |
N/A
|
Today's Best Mortgage Rates in Canada
Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender
|
Insured
|
Insurable
|
Uninsured
|
|---|---|---|---|
Compass Mortgage Group oa My Mortgage Power
|
3.89%
$2,600.37 / month
|
3.99%
$2,627.39 / month
|
3.89%
$2,600.37 / month
|
Frank Mortgage
|
3.90%
$2,603.07 / month
|
4.09%
$2,654.55 / month
|
3.99%
$2,627.39 / month
|
MMG Mortgages
|
3.94%
$2,613.86 / month
|
4.24%
$2,695.56 / month
|
3.94%
$2,613.86 / month
|
Northwood Mortgage Ltd.
|
4.19%
$2,681.85 / month
|
4.49%
$2,764.59 / month
|
4.19%
$2,681.85 / month
|
BMO
|
4.25%
$2,698.30 / month
|
4.47%
$2,759.03 / month
|
4.47%
$2,759.03 / month
|
Innovation Federal Credit Union
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
4.49%
$2,764.59 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
DUCA Financial
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
3.79%
$2,573.49 / month
|
The Mortgage Advisors
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
Alterna Savings
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
3.89%
$2,600.37 / month
|
Prospera Credit Union
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Hypotheca
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
MortgagestoGo
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Nesto
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
|
One Link Mortgage & Financial
|
3.95%
$2,616.57 / month
|
3.95%
$2,616.57 / month
|
3.95%
$2,616.57 / month
|
City Wide Financial Corp
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Laurentian Bank Canada
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
The Police Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Monster Mortgage
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Northern Birch Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Freelance writer
3-year open variable mortgages in Canada
When you are comparing mortgage rates, you should know how much mortgage security and flexibility you require. A 3-year open variable-rate mortgage gives you the utmost flexibility when it comes to prepayment options. Having an open mortgage allows you to repay the loan, in full or in part, at any time prior to maturity without incurring any penalties.
A variable mortgage rate changes with the market interest rate, known as the prime rate. If the prime rate of your lender increases, your interest rate increases, and vice versa when prime rate falls. One of the benefits of having a variable mortgage is if interest rates fall, your monthly payments will fall as well. Or, if you have a fixed-payment variable mortgage, more of your payment will go towards paying down your principal as interest costs drop. This will help you pay off your mortgage faster.
On RATESDOTCA you can easily compare mortgage rates from Canada’s leading banks, brokers, and mortgage lenders.
Learn more about fixed and variable mortgages and open and closed mortgages to see which option will work the best for you.
Pros and cons of a 3-year open variable rate mortgage
Are you considering a 3-year open variable rate mortgage? If so, here are some of the pros and cons you should consider to see if this mortgage type is suited for you.
Pros
- Faster debt repayment: A great option for homeowners who want to pay off their debt faster. If you’re an investor who flips properties for profit, an open variable rate mortgage can be beneficial for its added repayment flexibility.
- Avoid prepayment penalties: With an open mortgage, you avoid prepayment penalties should you want to pay out your mortgage before maturity.
- Option to lock in a fixed rate: Some lenders may allow you to convert your mortgage to a closed fixed or variable mortgage.
Cons
- Comparatively higher rates: Open mortgage rates are generally about 1 percentage point higher than closed terms due to the repayment flexibility they offer.
- Rising interest rates: Interest rates may increase and cost you more than a comparable fixed mortgage rate if prime rate increases.
Use our Mortgage Payment Calculator to see what your mortgage payments will look like under different scenarios.
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