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Mortgage intelligence

3-Year vs 5-Year Mortgage

A shorter term means renewing sooner at whatever rates are then available; a longer term locks in today's rate for longer.

Built on official Canadian sourcesUpdated 2026-11-12

3-year posted

6.05%

Nov 4, 2026 · Bank of Canada

5-year posted

6.19%

Nov 4, 2026 · Bank of Canada

Average new insured, 3 to <5 years

4.02%

+0.03 pts since Jul 2026

Aug 2026 · Bank of Canada

Average new insured, 5 years+

4.12%

+0.07 pts since Jul 2026

Aug 2026 · Bank of Canada

Rates compared

Posted: 3-year 6.05% vs 5-year 6.19%. Average new insured: 3 to under 5 years 4.02% vs 5 years and over 4.12% (Aug 2026).

3-year and 5-year posted rates (month-end, %, since 2016). Source: Bank of Canada.

Renewal timing

With a 3-year term you'll get a renewal statement (at least 21 days ahead from federally regulated lenders) two years sooner.

Sources

Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.

Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.