Compare RBC Royal Bank Mortgage Rates in Canada

Shopping for a mortgage in Canada can be a lot. In order to find the best deal, you need to compare rates and lenders from across the country. Luckily, we are here to help you out! We can give you the most up-to-date information on the best mortgages available right now, like the RBC 5-year fixed-rate mortgage or a variable-rate option, so you can make an informed decision on which one suits your situation best. With access to different options and competitive interest rates offered by top Canadian banks, you are bound to find the perfect mortgage package that will work for your budget and lifestyle.

Key Highlights

  • You can find out your best mortgage rate today, wherever you are in Canada, with us.
  • Mortgage products vary in term length (3 years, 5 years, etc.) and type (fixed or variable), both of which should be considered when comparing rates. 
  • RBC Royal Bank’s mortgage rates are reasonable compared to other major banks and lenders. Whether or not you are eligible for the best possible rates sometimes depends on your financial position.

Compare RBC Royal Bank Mortgage Rates

The following table provides quick access to the best rates offered by five of the country’s largest banks. This way, you can easily evaluate all rates in relation to those offered by TD Bank, RBC Royal Bank, CIBC, HSBC, and Scotia Bank. We shop around to find you the lowest possible pricing upfront.

Compare Big Bank & Lender Rates

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

How to Compare Bank Rates from Big Banks

When you are searching for mortgage rates, you may consider comparing several banks to find the right fit for your financial situation and goals. Banks such as RBC Royal Bank and the other Canadian Big Five Banks generally have some of the lowest rates available in the industry compared with private and alternative lenders.

Obtaining the best interest rate when obtaining a mortgage is essential to saving money in the long run. Fortunately, A-lenders like nesto and the Big Five regularly adjust their rates according to the Bank of Canada’s key interest rates, allowing for access to competitive rates. The most effective way to find the optimal interest rate is by shopping around at different lenders. Additionally, exploring the advantages and disadvantages of various mortgage options in Canada, such as fixed-rate mortgages or variable-rate mortgages, will enable you to make an informed decision about which type of mortgage is right for you. Securing the lowest rate available can result in substantial savings over time when it comes to your mortgage payments.

RBC Royal Bank overview & stock information

The RBC Royal Bank, the largest bank in Canada, has a rich and interesting history. Originally founded in 1864 as The Merchants Bank of Halifax, RBC has expanded across Canada and the world since its humble beginnings.

  • Listed on the Toronto Stock Exchange: TSE: RY 
  • Listed on the New York Stock Exchange: NYSE: RY 

RBC Royal Bank 5-Year Fixed and Variable Rate History

One can gain insight into the evolution of RBC Royal Bank’s RBC fixed mortgage rates and variable 5-year rates by observing the bank’s historical rates.

RBC Royal Bank Mortgage Products

In addition to conventional RBC fixed mortgage rates and RBC variable rate mortgages, RBC also provides the following mortgage options:

Homeline Plan Mortgage

RBC’s HELOC offering lets you consolidate multiple loans into one low-interest payment. This product combines the features of a mortgage and a credit line into one convenient package.

Cashback Mortgage

Includes a rebate payment when the mortgage is funded. You can get up to 7% of your mortgage’s value, although that number fluctuates based on the size and length of your loan.

Self-Employed Mortgage

When you are self-employed, getting a conventional mortgage can be challenging. The self-employed mortgage program at RBC can help you qualify for low-interest rates on a wide range of home improvement, purchase, and refinancing projects. You can get a mortgage for up to 80% with no default insurance or up to 95% with default insurance of your home’s value.

Vacation Home Mortgage

This solution is tailored to vacation homes and will allow you to finance up to 95% of the value of a property that will be used largely for leisure.

RBC Investment Property Mortgage

This solution is tailored for investment properties and allows for financing of up to 80% of the appraised value of the rental property.

RBC Royal Bank Mortgage Payment Increases

You can have your mortgage paid off more quickly with an RBC mortgage because you can make extra payments of up to twice your usual RBC monthly payment. You can prepay your mortgage for as little as $100 per month or as much as your normal payment. The interest you would have paid on your mortgage during its lifetime might be reduced by thousands of dollars if you prepaid some of the principal.

RBC Royal Bank Annual Mortgage Prepayment

This prepayment option allows you to pay off up to 10% of your outstanding mortgage principal yearly in one lump sum payment. Since the entire lump sum will be applied to the principal balance of the mortgage, you can expect to pay off the loan considerably more quickly and save a great deal of interest. 

Important: To help you get your mortgage paid off faster, RBC allows you to make extra payments of up to twice the amount of your usual RBC monthly payment.

The six major Canadian banks all provide similar annual prepayment amounts, which range from 10% to 20% of the original mortgage principal, as shown below:

Canadian Bank Closed Mortgage Prepayment Amounts
RBC Royal Bank10%
TD Bank15%
National Bank10%

RBC Royal Bank Prime Rate

Some of RBC’s products, such as the RBC variable rate mortgage, lines of credit, and home equity lines of credit, are pegged to the RBC Royal Bank prime rate or prime rate RBC. The RBC interest rates you are offered are often a combination of the RBC prime rate or prime rate RBC plus a spread based on the product and the risk involved.

Renewal Process with Big Banks

If you want to renew with the same lender at RBC Royal Bank, you will need to contact the bank directly to discuss your renewal options. Many homeowners, however, worry about whether or not they must stick with their existing lender when it comes time to renew their mortgage. The correct answer is that you do not have to renew with the same lender or bank after your term. Rather than automatically renewing your RBC Royal Bank mortgage, you should compare mortgage rates, including RBC posted mortgage rates and RBC mortgage rates Ontario and terms from various lenders, to choose one that best suits your needs.

Frequently Asked Questions

Here are the most commonly asked questions about RBC’s mortgages and rates.

Are RBC Royal Bank rates lower than other big banks?

The RBC mortgage rate offered by RBC Royal Bank are competitive with those offered by other major banks and lenders, however, they are not always the lowest or highest. Whether or not you are eligible for the best RBC interest rates mortgage or RBC interest rates depends heavily on your individual financial status. You will not get the best rates, for example, if you have a low credit score or a high debt-to-income ratio. We compare mortgages from numerous lenders so you do not have to, ensuring you get the best rate possible with the mortgage features you want.

What are the benefits of choosing a smaller lender?

Obtaining a mortgage through a smaller lender generally has many advantages. One reason is that big banks have stringent regulations about who can qualify for their mortgage products, but smaller lenders are more likely to take the time to hear you out before deciding whether or not to provide you with a loan. A further advantage of dealing with a smaller lender is that they would likely focus solely on your mortgage needs and not try to upsell you on any additional services. This means they will pay even closer attention to your needs and strive to give you the best mortgage service possible.

How do I get a mortgage with RBC Royal Bank?

You can simply visit an RBC Royal Bank branch to apply for an RBC interest rates mortgage. Or you can save money with or a mortgage broker first. There is no guarantee that a mortgage from RBC Royal Bank will be the lowest possible rate.

Final Thoughts

Though RBC Royal Bank is a great option for many mortgage borrowers, it is always in your best interest to shop around whether you are in the market for a new mortgage, renewal, or refinance.