A connected Riemannian manifold M has constant vector curvature epsilon, denoted by cvc(epsilon), if every tangent vector v in TM lies in a 2-plane with sectional curvature epsilon. By scaling the metric on M, we can always assume that epsilon = -1, 0, or 1. When the sectional curvatures satisfy the additional bound that each sectional curvature is less than or equal to epsilon, or that each sectional curvature is greater than or equal to epsilon, we say that, epsilon, is an extremal curvature. In this paper we study three-manifolds with constant vector curvature. Our main results show that finite volume cvc(epsilon) three-manifolds with extremal curvature epsilon are locally homogenous when epsilon=-1 and admit a local product decomposition when epsilon=0. As an application, we deduce a hyperbolic rank-rigidity theorem.