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RBC Royal Bank Mortgage Rates

Rates updated:

Below you will find current RBC Royal Bank's posted 5-year fixed and variable mortgage rates. Use Ratehub.ca's comparison chart to evaluate other banks, brokerages and lenders against RBC Royal Bank and ensure you get the best mortgage rate!


RBC mortgage rates overview

Content last updated: May 8, 2020

RBC is one of Canada's biggest banks, and has a strong offering of mortgage products, with rates that are competitive among the big banks. As with any mortgage, we strongly recommend you compare mortgage rates from multiple lenders before deciding on a provider.

To see if an RBC mortgage is right for you, read on to learn about their products.


RBC Mortgage Products

In addition to standard fixed and variable rate mortgage products, the Royal Bank of Canada (RBC) offers a variety of specialty mortgage products. These additional products consist of the RateCapper Mortgage, the RBC Homeline Plan, the EnergySaver Mortgage, a Cash Back Mortgage, and a Self-Employed Mortgage product, all outlined below.

RateCapper Mortgage: This is a variable RBC mortgage rate with a maximum "capped" rate for a five-year term. This provides protection from rate increases if mortgage rates go up beyond that maximum "capped" rate, and if rates go down, your rate goes down just as it would with a variable RBC mortgage rate.

RBC Homeline Plan: This plan allows you to consolidate existing debt to save on interest charges and enjoy the benefits of mortgages and a line of credit in one plan.

Energy Saver Mortgage: A financing solution with a rebate to help you reduce your home energy costs and improve your home's energy efficiency. It essentially provides a $300 rebate on a home energy audit with the choice of a residential mortgage or the RBC Homeline Plan.

RBC Cash Back Mortgage provides a cash back payment at the time your mortgage is advanced. The amount of money you receive is based on the size and term of your mortgage, up to 7% of its value. RBC's Self-Employed Mortgage is available for those who are self-employed and have difficulty obtaining competitive rates for buying, refinancing, renovating and more. With this product, financing is available for up to 90% of the value of your home. And finally, the Vacation Home Mortgage lets you finance up to 95% of the value of your vacation home.

RBC's online learning centre includes a range of features such as guides on buying and selling your home, renovating your home, maximising energy efficiency, and general mortgage advice, all aimed at self education and making informed decisions on your mortgage. As part of this information collection process, you should compare RBC's mortgage rates against other lenders and brokers to obtain the best mortgage interest rate.


Accessing RBC mortgage rates

You can access RBC mortgage rates by going to the bank directly, or by speaking with a mortgage broker that works with RBC. While it can be convenient to apply directly if you already bank with RBC, using a mortgage broker can often help you get a lower rate. This is because brokers work with multiple lenders, have access to exclusive deals, and can negotiate on your behalf. Even if your heart is set on a mortgage from a particular bank, using a mortgage broker may still get you a better deal.


RBC mortgage pre-approval

After gathering the necessary background information such as annual income, employment information, existing assets and liabilities, and financial history, you can complete an online pre-approval application for your RBC mortgage rate in less than three minutes.


RBC mortgage application checklist

As part of your mortgage application process, RBC will ask you questions relating to what you owe and own; what some of the projected expenses relating to the property in question are, such as taxes, heating costs and condo fees; and whether you will be using the property to generate income. Additional information RBC will require includes:

  • Information that describes the property you are buying
  • Confirmation of your down payment
  • Employment verification
  • Information that describes your existing property

Compare Other RBC Products

RBC offers various RBC credit cards, including rewards cards and low interest cards, as well as RBC GICs, available in a variety of terms.


More on the Royal Bank of Canada

The Royal Bank of Canada is Canada's largest bank as measured by assets and market capitalization, and is among the largest banks in the world, based on market capitalization. It is a diversified financial services company, with personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. It employs approximately 78,000 employees who serve close to 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries.


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