Royal Bank of Canada Mortgage Rates

As of April 18th, 2021

Royal Bank of Canada Background


Royal Bank of Canada Background

The Royal Bank of Canada is the largest amongst the big 5 Canadian banks in terms of assets and market capitalization, and is one of the largest banks in the world. RBC began as the Merchants Bank of Halifax in 1864 and assisted merchants with their daily business activities. Since then, RBC has grown to operate in 30+ countries around the world, including Canada, the U.S. and England. They provide a diversified portfolio of financial services to customers with retail banking, commercial banking, wealth management, capital markets and insurance products being sold globally. RBC currently employs 85,000 employees and serves 16 million customers globally. They provide many unique mortgage programs to serve their large customer base.

Stock Information:
Listed on the Toronto Stock Exchange: TSE: RBC
Listed on the New York Stock Exchange: NYSE: RBC

RBC Royal Bank Prime Rate

RBC Royal Bank's Prime Rate is used as the basis for many of RBC Royal Bank's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.

Current RBC Royal Bank Prime Rate: 2.45%

Last Changed: March 30, 2020

RBC Fixed-Rate Mortgages

RBC Fixed Rate Mortgage reduces the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.

Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
7-Year Fixed
10-Year Fixed
25-Year Fixed

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

RBC Variable-Rate Mortgages

RBC Royal Bank Variable Rate Mortgages provides you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
5-Year Variable

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

Other RBC Mortgage Products

RBC Royal Bank also offers specialty mortgage products for borrowers with certain objectives and criteria.

RBC Investment Property Mortgage: A specialized mortgage for borrowers looking to buy an investment property or convert their current homes to a rental property. You can finance up to 80% of the appraised value of the property.

RBC Vacation Home Mortgage: A specialized mortgage for borrowers looking to buy a second home or vacation property. You can finance up to 95% of the appraised value of the property.

RBC Cash Back Mortgage: A special program that allows you to get up to 7% of your mortgage value up to a maximum of $20,000 in cash back. The cash back will be added to your mortgage amount and paid back as part of your mortgage.

RBC Self Employed Mortgage: Tailored specifically for self-employed, RBC Self Employed Mortgage lets you finance up to 80% of the appraised value of your home when refinancing and 90% when purchasing. Additional mortgage insurance may be needed for LTVs of higher than 65%.

RBC Homeline Plan®

The RBC Homeline Plan® is an all-in-one lending solution that combines a traditional mortgage with a HELOC (RBC Royal Credit Line®). One of its advantages is that you can lock-in a rate for your HELOC to protect yourself from interest rate fluctuations. You can also divide your mortgage into fixed-rate and variable-rate portions. For terms and eligibility, talk to your local RBC branch advisor.

ProgramTerm LengthTypeRate
RBC Homeline Plan®
4-Year Fixed
RBC Homeline Plan®
5-Year Fixed
RBC Homeline Plan®
5-Year Variable
Rates shown are for closed term installment payments only. For more information, please see your local branch advisor.

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RBC Posted Rates

RBC Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.

Term LengthRBC Posted Rate

RBC Mortgage Features

Many RBC mortgages come with extra features that can help you pay down your mortgage faster or provide assistance during times of financial stress.

RBC Skip-A-Payment: A feature that lets you quickly and easily skip payments to your mortgage. You can skip four consecutive weekly payments, two consecutive bi-weekly payments or one monthly payment. While the interest for skipped payments is added onto your mortgage, your mortgage payments will not change and you can pay back your skipped payments anytime.

RBC Double-Up Payments: A feature that lets you pay off your mortgage faster with up to double your regular mortgage payments. You can prepay any amount from $100 up to the amount of your regular mortgage payment. Any prepaid amount will go directly to paying down your principal and can save you tens of thousands in interest over the lifetime of your mortgage.

RBC Annual Mortgage Prepayment: You can prepay up to 10% of the original principal amount of your mortgage once in every 12-month period. The prepayment is applied directly to your mortgage principal.

RBC HomeProtector Insurance: This insurance program can help pay for your mortgage in the event of death, critical illness, or disability. Premiums are set when you apply and will not increase as long as your mortgage balance does not increase and you don't refinance your mortgage. Insurance payments are separate from your mortgage and are not included as part of an RBC mortgage.

How to Get an RBC Mortgage

When you are ready to get an RBC mortgage, you should speak with an RBC branch advisor or mortgage specialist. You will likely need the following documents:

  • Your T1 and most recent Notice of Assessment
  • A list of your current assets and liabilities
  • Confirmation of your down payment, which may include recent bank statements, RRSP withdrawal confirmations, or a Gift Letter
  • Documents proving current employment and income including recent pay slips
  • Documents proving additional income, if any.
  • Details about the property including the listing (if applicable) and any associated bills and taxes (e.g. property taxes, condo fees and heating costs).

During your meeting, you will be able to establish your mortgage affordability. For a quick estimate, check WOWA's Mortgage Affordability Calculator

RBC Mortgage Break Penalty

Variable Rate MortgageFixed Rate Mortgage
3 Months’ InterestGreater of 3 Months’ Interest or the IRD amount
Interest Rate Differential (IRD) for RBC
Difference in interest payable between your current interest rate and RBC’s posted rate for a term similar to the time remaining, less any rate reduction (contract rate discount from posted rate) that you received.

RBC Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.

What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

What is your current mortgage interest rate?


If applicable, what was the rate discount you received when you signed your current mortgage agreement?

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is TD Bank's current interest rate for a 5-year fixed rate mortgage?

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Prepayment Total

RBC Prime Rate

As of April 19th, 2021, RBC's Prime Rate is 2.45%

How does RBC set their Prime rate?

Each bank or lender determines their own Prime rate. Banks in Canada usually look to the target overnight rate, or the Policy Interest Rate set by the Bank of Canada (BoC). Changes in the target overnight rate are usually followed by similar changes in Prime rates. As a result, most banks and lenders in Canada have similar Prime rates.

History of Prime Rates in Canada

Download Chart

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.