Royal Bank of Canada - Best Mortgage Rates

Royal Bank of Canada mortgage brokers are available and can provide guidance on the pre-approval of loans as well as the acquisition of real estate.
RBC Rates

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Using’s comparison chart will help you determine and make sure that you get the most desirable mortgage rate that you possibly can.

Popular Rates

Fixed-rate Mortgages With RBC Royal Bank

25 Year Amortization or Less

RBC Royal Bank offers great rates that will bring you peace of mind when you are considering fixed or variable mortgages. A fixed-rate mortgage is one where the interest rate is locked in place and will stay that way or the duration of the term. You won’t have to worry about interest rate fluctuations in the future throughout the whole term. 

What you’ll know when choosing fixed-rate mortgages:

  • The amount of your interest rate and mortgage payment amount.
  • What amount of your payment will be going towards interest and principal?
  • How long it will take you to pay off your mortgage.
  • Take a look at current mortgage rates.
Guaranteed Pre-approval And Locked-In Interest Rate

After being pre-approved for a fixed-rate mortgage, the rate that was quoted will be guaranteed for four months, even in the case that the rates rise. But if the rates do down, then you will get the lowest rate that comes into effect for the entire term.

Term Special Offers APR
6 Month Convertible 3.640% 3.890%
1 Year Closed 3.640% 3.770%
2 Year Closed 3.890% 3.960%
3 Year Closed 4.450% 4.500%
4 Year Closed 4.990% 5.030%
5 Year Closed 5.190% 5.220%
7 Year Closed 5.800% 5.820%
10 Year Closed 6.200% 6.230%
25 Year Closed 8.750% 8.760%
6 Months Open 7.450% 7.700%
1 Year Open 7.450% 7.580%

Variable Rate Mortgages With Rbc Royal Bank

With a variable-rate mortgage from RBC Royal Bank, you can have the opportunity to save money on your mortgage, even if the interest rates go up or down. Mortgage payments in variable-rate mortgages stay the same for the term if the rates increase or decrease. So if the rates do end up going down, then more of your payment is applied to reduce the principal. If the rates end up increasing, then a bigger chunk of the payment is applied towards interest.

Characteristics of variable-rate mortgages:

  • It provides the lowest mortgage rates available.
  • Saving thousands of dollars for interest payments throughout the term of the mortgage.
  • It provides a greater ability to budget because your monthly payments will remain the same. 
  • See the current mortgage rates.
Term Posted Rates APR
5 Year Closed RBC Prime Rate + 0.000% 3.980%
5 Year Open RBC Prime Rate + 2.000% 5.980%

Pros Of RBC

Getting a mortgage through RBC has a number of benefits:
  • Full-service: Dealing with a big institution like RBC is beneficial because you know that you will have access to a large range of products like secured loans, investment products, and banking accounts.
  • Reputation: RBC is known to be one of the most reputable lenders in all of Canada. Strict controls are set in place to protect all of their clients.
  • Rate discretion: If you are known to do a lot of repeat business with the bank or have a big mortgage, then RBC will provide competitive rates.
  • Convenience: RBC mortgage specialists go above and beyond to meet your needs. Many of them will meet you at your home, and sometimes even a coffee shop. They can also be accessed from anywhere that has an online connection. 
  • Branch access: With over 1,200 branches, you will never be too far away if you need to talk to someone regarding your mortgage. 

Cons Of RBC

Getting a mortgage through RBC may also potentially have some downsides:
  • Rates may potentially be higher: The funding costs with RBC are fairly low, but its brand is what enables it to charge a premium.
  • Fixed penalties may be higher: You can suffer an IRD (Interest Rate Differential) penalty if you end your RBC mortgage early. One of the drawbacks of a big bank mortgage is the notoriously high penalty for IRD. That’s because they are based on the bank’s very high posted rates. (Note: This pertains only to 5 year fixed mortgage rates rbc.) 
  • Less choice: The bank only sells RBC mortgages that are not exactly the best products for most Canadians. For example, one of the most restrictive prepayment options in Canada is the 10 percent once-annual lump-sum prepayment option that is offered by RBC. For a similar or better rate you will often find more affordable mortgages elsewhere.
  • Limited advice: Because RBC reps sell only RBC mortgage products (at least in the case of prime mortgages), this means that the bank does not usually make comparisons with other lenders critically and in detail. In turn, telling you when another lender has a better product to suit your needs is not something they will get paid for, so in most cases, they won’t do it. In contrast, unlike many other brokers, bank reps are not required to ensure that their mortgages are best suited to your needs in comparison to the offerings of other lenders.
  • Home Protector Insurance is restrictive: RBC mortgage insurance is comparable to most credit life insurance that other big banks will offer. In the case that you want to change lenders to get a better deal, then it will most likely require you to pay higher premiums just to stay insured because credit life mortgage insurance is based on the condition of your health as well as your age.