Far-infrared laser interferometry at 432 µm was carried out on the STP-3(M) reversed-field pinch. Measurements along two vertical chords showed a change from a parabolic-like to a flat-like electron density profile after field reversal. A density profile inversion and a correlated toroidal magnetic flux perturbation were also observed during the transition from the current rising to the current decay phase. Measurements of electron density fluctuations indicated relative fluctuation levels of ∼10% for both chords during the current rising phase and ∼5% and ∼15% during the current decay phase for the central and outer chords, respectively. Spectral analysis showed a ∼30 kHz mode consistent with poloidal mode number m=0 magnetic fluctuations, and a ∼90 kHz mode localized to the outer region of the plasma, which was strongly excited during the current decay phase and may be connected to particle and energy transport in STP-3(M).