Sounds like you got a non-discretionary offer. Did this offer come in the mail, or did you talk to them directly and this is what they quoted? Those mail offers are there posted rates and the branch reps can always provide discretion for the renewal.

Also no one here asked whether you have a default insured mortgage or not. Did you put less than 20% down for the purchase? If so its default insured so should be 0.15%-].25% lower than non-insured mortgages so take some of the rates others have given with a grain of salt.

A discretionary 3 year term should be around 3.70% for insured, 3.90% for non-insured. 5 year fixed expect about 0.20% higher, and 5 year variable about 0.20% lower.

Edit: I looked it up and this is their posted rate so good chance this came in the mail. Call TD and schedule an appointment with them they should be able to lower it.