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Published May 23, 2024

RBC Mortgage Rates

Find the right RBC mortgage rate for your home buying needs.

Current discounted RBC mortgage rates

TermRateAPR
1-year (closed), fixed6.79%6.92%
2-year (closed), fixed6.39%6.45%
3-year (closed), fixed5.55%5.59%
4-year (closed), fixed5.29%5.32%
5-year (closed), fixed5.14%5.17%
7-year (closed), fixed5.90%5.92%
5-year (closed), variable6.890%6.92%

This table is updated daily on weekdays using data available on the Royal Bank of Canada’s website.

Current posted RBC mortgage rates

TermRateAPR
1-year (closed), fixed7.84%7.97%
2-year (closed), fixed7.44%7.50%
3-year (closed), fixed6.95%6.99%
4-year (closed), fixed6.74%6.77%
5-year (closed), fixed6.79%6.82%
7-year (closed), fixed7.05%7.07%
5-year (closed), variable7.20%7.23%

This table is updated daily on weekdays using data available on the Royal Bank of Canada’s website.

RBC prime rate

RBC’s prime rate is currently 7.2%.

RBC’s prime rate is the basis for its variable-rate lending products, like mortgages, credit cards and lines of credit. When the Bank of Canada adjusts its overnight rate, RBC’s prime rate increases or decrease by the same amount, affecting the cost of borrowing for these products.

Other lenders’ rates

Once you’ve taken a look at RBC mortgage rates, the next step will be to compare them to what’s on offer at other major lenders. You can see the rates Canada’s Big Six banks charge on some of Canada’s most popular fixed- and variable-rate mortgage terms below.

The best rates from Canada’s Big 6 Banks

Rates updated: May 28, 2024

Bank

3-Yr Fixed Rate

5-Yr Fixed Rate

5-Yr Variable Rate (Closed)

5-Yr Variable Rate (Open)

7.20% 7.04% 7.20% 8.90%
6.99% 6.84% 7.20% 10.50%
6.99% 6.84% 7.20% N/A
6.95% 6.79% 7.20% 10.50%
6.94% 6.79% 7.65% 10.40%
6.99% 6.84% 7.35% 8.35%

Posted rates for closed mortgages with amortization under 25 years. Data source: Canada's major banks

To get a fuller picture of other available mortgage rates, you can also explore:

If you’re a long-time RBC customer, you might be most comfortable dealing with the bank for your future mortgage needs. That’s totally valid. Comparing mortgage rates, terms and conditions across lenders, however, can help ensure you get the best deal on the right product for your unique mortgage needs. 

If you don’t feel confident making these comparisons on your own, consider working with a mortgage broker, who can take care of this step for you — and possibly negotiate a lower interest rate.

Does RBC offer the best mortgage rates?

Our handy mortgage rate tables show the current mortgage rates available at alternative lenders and other Big Six banks. How do RBC’s rates stack up against the competition?

Compare mortgage rates

RBC at a glance

First incorporated in 1869 as the Merchants’ Bank of Halifax, the Royal Bank of Canada (RBC) is one of the country’s Big Six banks and one of its most prominent mortgage lenders. In the second quarter of 2023, RBC’s mortgage portfolio was $356 billion. 

RBC mortgage products

In addition to providing a variety of mortgage products, including fixed- and variable-rate loans that can be structured as either open or closed, RBC also offers:

RBC mortgages: Things to consider

Posted rates vs. special rates

Large lenders like RBC might provide two sets of current mortgage rates: posted rates and special, or discounted rates.

RBC posted mortgage rates

Posted rates are the rates RBC makes available publicly. They are higher than its discounted rates, with the expectation that borrowers will negotiate them down.

There are various theories around why this is the case at major lenders. Some lending experts believe it’s to make borrowers feel a sense of satisfaction at getting a better deal, others wonder if a higher posted rate allows banks to charge stiffer penalties if a person breaks their mortgage contract. 

If you’re offered a posted rate when you first walk into an RBC branch, consider it the beginning of a negotiation — and a great reason to compare offers from other lenders.

RBC special rates

Special rates are RBC’s posted rates that have already been discounted. These might be limited-time offers or the rates a bank offers its mortgage broker partners. Under most circumstances, a special rate will be more in line with the rate you’re actually offered. 

Even if you’re offered a special mortgage rate at RBC, don’t be afraid to try and negotiate a lower one.

Fixed vs. variable mortgage rates

When you get a mortgage from a lender like RBC, you’ll have to make an important choice between getting a fixed or variable mortgage rate.

Fixed mortgage rates

With a fixed-rate mortgage, your interest rate will remain the same for the duration of your mortgage term. If RBC offers you a 5.25% five-year fixed-rate mortgage in 2023, for example, your rate won’t change until it’s time to renew your mortgage in 2028.

A fixed mortgage interest rate allows you to budget around a predictable monthly mortgage payment for years at a time. But if fixed rates fall during your mortgage term, the only way to take advantage is by breaking your mortgage contract and refinancing at a lower rate. Doing so can trigger serious mortgage prepayment penalties

Variable mortgage rates

If you opt for a variable rate on your RBC mortgage, the rate could rise or fall many times during your term. When it rises, more of your monthly mortgage payment will go toward interest; when it falls, more will go toward the principal. 

Variable mortgage rates have generally been lower than fixed rates. But in times of high inflation, when variable rates are driven upward by increases to lenders’ prime rates, variable rates can put unexpected pressure on your finances. 

From March 2022 to July 2023, for example, homeowners with variable-rate mortgages saw their rates increase 475 basis points. (One percent is equal to 100 basis points.) That means a borrower who secured a variable rate of 2.25% in January of 2022 would be paying 7% in July 2023. That’s not a common occurrence, but it highlights the risk of taking out a variable-rate mortgage during times of economic uncertainty.

Open vs. closed mortgages

Another consideration when getting a mortgage at RBC is whether to choose an open or closed mortgage

With an open mortgage, you can increase your mortgage payments or even pay your mortgage in full at any time without penalty. A closed mortgage will impose annual limits on how much you can prepay your mortgage. 

Choosing between open and closed mortgages is often a matter of cost. Open mortgages tend to come with much higher interest rates. 

Convertible mortgages

If you’re unsure whether an open or closed mortgage is the best choice, you can also consider a convertible mortgage, which allows you to change mortgage type during your term. For example, you could start off with a closed mortgage and then convert it into a open mortgage, or you could start with a shorter term, like six months, and have the option of converting it to a longer-term

Convertible mortgages tend to offer lower rates than open mortgages.

Rate vs. APR

When investigating RBC mortgage rates or comparing them to the rates of other lenders, it’s best to use the annual percentage rate (APR) provided rather than the interest rate itself.

APR includes any other fees that might be added to the cost of your mortgage, and gives you a more accurate figure with which to calculate your potential mortgage costs. 

How to get the best mortgage rate at RBC

As one of Canada’s federally regulated A lenders, RBC follows the country’s strict lending guidelines. That means being offered the best mortgage rates might require a little effort on your part, including:

Getting pre-approved for a mortgage at RBC

Getting pre-approved for a mortgage is a crucial step in the home buying process. A pre-approval tells you how much a lender is willing to loan you at a particular interest rate. This establishes your home buying budget and tells homeowners that your offer — so long as it falls within the limits of your pre-approval — is legit.  

The mortgage pre-approval process at RBC involves providing all the documents the bank requires for evaluating your finances. This might include:

The mortgage pre-approval process at RBC will also include a hard credit inquiry, which allows the bank to assess your credit score and review your credit history. Hard inquiries may lead to a temporary dip in your credit score.

How to start a mortgage pre-approval at RBC

You can start the pre-approval process online or in person at an RBC branch. Because a pre-approval is intended to be thorough and actionable, plan to set aside some time to talk over the results with one of the bank’s mortgage advisors. Ideally, they’ll provide a few options to choose from.

What else should you know about pre-approvals at RBC?

When weighing those options, make sure you understand the fees, terms and conditions involved with each mortgage offer, including any prepayment privileges (and prepayment penalties). Getting clarity around these factors during pre-approval can make the next step — officially applying for a mortgage once you’ve made a successful bid on a home — go more smoothly. 

Mortgage pre-approvals are free and non-binding. Just because you get pre-approved at RBC doesn’t mean you can’t get your mortgage elsewhere. But if you get pre-approved at RBC and then decide to work with a different lender, you’ll have to go through the pre-approval process again. 

Frequently asked questions about RBC mortgage rates

What is RBC’s prime rate today?

RBC’s prime rate is currently 7.2%. This rate determines the interest the bank charges on variable-rate mortgages, lines of credit and certain credit cards.

Can you negotiate mortgage rates at RBC?

You can — and should — negotiate your mortgage rate at RBC. When you first apply for a mortgage, a lender may not offer you the lowest rate possible, so it’s always advisable to ask for a lower one. Even if you’re only able to reduce the cost of your mortgage by a little, the money you save can be put toward a better use.

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