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Evaluate Canada’s best 3 year variable mortgage rates in one place. You can compare the most current 3 year variable 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
|
|---|---|---|---|
Lendwire Inc.
|
4.04%
$2,640.95 / month
|
4.24%
$2,695.56 / month
|
4.24%
$2,695.56 / month
|
MMG Mortgages
|
4.19%
$2,681.85 / month
|
4.39%
$2,736.87 / month
|
4.29%
$2,709.29 / month
|
Rocket Mortgage
|
4.55%
$2,781.28 / month
|
4.75%
$2,837.28 / month
|
4.55%
$2,781.28 / month
|
Innovation Federal Credit Union
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
BMO
|
4.60%
$2,795.23 / month
|
4.79%
$2,848.54 / month
|
4.79%
$2,848.54 / month
|
Nuborrow
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
Sudbury Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
ATB Financials
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Vancity Mortgages
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Prospera Credit Union
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
City Wide Financial Corp
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
4.09%
$2,654.55 / month
|
Centum Clinton Wilkins
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
Centum Home Lenders Ltd.
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
Nesto
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
First Foundation
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
|
East Coast Mortgage Brokers
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
|
One Link Mortgage & Financial
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
4.19%
$2,681.85 / month
|
Rates are based on an average mortgage of $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 5.04% | 5.15% | 5.15% | 6.63% |
6.29%
|
| 2-year fixed rate | 4.74% | 4.95% | 4.74% | 4.74% |
5.59%
|
| 3-year fixed rate | 4.14% | 4.14% | 4.14% | 4.49% |
4.89%
|
| 4-year fixed rate | 4.29% | 4.14% | 4.14% | 4.49% |
4.74%
|
| 5-year fixed rate | 3.99% | 3.99% | 3.99% | 4.14% |
4.59%
|
| 7-year fixed rate | 4.44% | 4.39% | 4.39% | 5.90% |
5.50%
|
| 10-year fixed rate | 5.09% | 5.29% | 5.29% | 5.80% |
7.14%
|
| 3-year variable rate | 4.60% | 4.70% | 4.60% | 4.60% |
6.85%
|
| 5-year variable rate | 4.30% | 4.55% | 4.30% | 4.30% |
4.65%
|
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
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.
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.
Use our Mortgage Payment Calculator to see what your mortgage payments will look like under different scenarios.
Engaging a mortgage broker before renewing can help you make a better decision. Mortgage brokers are an excellent source of information for deals specific to your area, contract terms, and their services require no out-of-pocket fees if you are well qualified.
Here at RATESDOTCA, we compare rates from the best Canadian mortgage brokers, major banks and dozens of smaller competitors.
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