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Royal Bank of Canada (RBC) mortgage rates

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Royal Bank of Canada (RBC) mortgage information

Royal Bank of Canada (RY on TSX) operates under the brand name RBC. It was founded in 1864 and is one of the largest financial institutions in the world. Their head office is located in Toronto, Canada and they serve clients in Canada, the U.S. along with 27 other countries.

Some of their services include:
  • Personal and commercial banking
  • Wealth management
  • Insurance
  • Investor services
  • Capital markets products and services

A financial institution number is a unique 3 digit number assigned to each specific bank or financial institution. This number is used during interbank transactions and can help identify the institution, branch location, and customer account. The RBC financial institution number is 003.
Royal Bank of Canada is one of the most popular Canadian lenders when it comes to mortgage rates. RBC mortgage rates are very similar to other major Canadian banks, however they do occasionally have special mortgage offers. RBC offers one of the lowest funding costs compared to its competitors and often matches mortgage rate quotes offered by other big banks. RBC has several different mortgage products, which include standard fixed and variable rates and its home equity line of credit (HELOC).
RBC mortgage rates are competitive when compared to other banks, but not necessarily other lenders. Rates tend to vary depending on  a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than bank to bank.  It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.
RBC fixed rate mortgages

RBC offers fixed rate mortgages so that you can lock in your interest rate for the term of your mortgage. This includes locking in the interest rate, amount of mortgage payments, the portion of the payment that goes toward principal and interest, and the amortization of the mortgage. The pros of a fixed rate mortgage is the predictability. Your monthly mortgage payments will be consistent for the duration of your term regardless of which way rates move, offering stability when it comes to budgeting. Some options include closed, open and convertible fixed rate mortgages. Talk to your mortgage advisor to learn whether a RBC fixed rate mortgage is for you.

RBC variable rate mortgages

RBC offers variable rate mortgages which have historically been known to save borrowers money. Variable mortgages offer a predictable penalty fee if you choose to break your mortgage before the end of the term, since it will always be equal to 3 months interest. With a RBC variable rate mortgage, your payment amount stays fixed for the term, but the interest rate will fluctuate based on the RBC prime interest rate. RBC variable rate mortgages can also be converted to another term at any time. Talk to your mortgage advisor to learn whether a RBC variable rate mortgage is for you.
A change in the prime rate will only affect your mortgage if you have a variable rate, which is quoted to you as prime +/- a percentage. So if RBC’s prime rate falls, more of your mortgage payment goes to the principal. If it rises, then more of your payments will go to the interest. The monthly payment remains the same. 

For example, if prime rates increased on February 6th and your payments are on the 1st of every month, your mortgage payment wouldn’t increase until April 1st.
A mortgage rate hold is when your lender locks in your quoted rate for a specific length of time. It’s similar to a ‘guarantee’ of that rate if you qualify for it. RBC has a rate hold of 120 days.
Factors that can affect the rate you obtain would include:
  • The type of transaction (purchase/transfer/refinance)
  • Occupancy of the property (owner living there or rental/investment)
  • The down payment amount (insured vs conventional) which also affects the mortgage amortization.
You can view RBC mortgage rates through our rates comparison tool which will always provide you with the most up to date published RBC rates.
With RBC, you can start the renewal process up to 120 days before the end of your mortgage term. When it’s time to renew your mortgage, RBC will guarantee your mortgage rate for 30 days before your renewal date. For new mortgages, RBC also provides a fixed interest rate guaranteed up to 120 days before the closing date of your home, so if rates go up during that time you are still guaranteed the lowest rate. It’s advised that you start looking at your renewal options six months before the end of your term, that way you can determine whether you will need to make any changes, such as your term length, payment frequency or rate options. Don’t be afraid to look at other options if your mortgage isn’t working for you anymore. You might be able to negotiate for a lower rate, however you will need to be well qualified and have a solid credit history. It’s best to speak with your mortgage advisor and get their opinion on which mortgage renewal option is best for you.
You can get a mortgage from RBC by contacting the bank directly or by speaking to a RBC mortgage advisor.

A mortgage broker is a licensed professional who helps you connect with lenders and find the best mortgage offer based on your financial situation and goals. They’ll help you compare mortgage rates and products between different lenders, and also give you the opportunity to speak with an independent mortgage expert. Some lenders might not work with brokers but it might be beneficial for you to speak with one to see what else is available in the market.

You can review the details of your mortgage, along with your bank loans and credit lines from within the RBC Online Banking portal. When you log in, choose “View all account balances” or “View business accounts” on the Online Banking Home page. Then select the account name under the “Loans/Mortgages” heading.

Porting your mortgage is when you take your existing mortgage, including all of its terms and current rate, from your previous home to your new home. The option of moving your mortgage gives you the flexibility to keep your current rate and term while avoiding any prepayment charges. RBC offers portable mortgages, but it’s best to speak with your mortgage advisor to learn more. 



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With the RBC Homeline Plan, your RBC mortgage and Royal Credit Line will be combined into one product. This will allow you to have access to the equity in your home and as your home equity increases, your credit line will follow.
1. Low interest rate

Compared to other borrowing products, the Royal Credit Line portion of the RBC Homeline Plan comes with a lower variable interest rate.

2. Your available credit grows with your equity

The Home Line Portion cannot exceed 65% of the home value, however when combined with a mortgage portion, you can borrow up to 80%. You can increase your available credit on your Royal Credit Line as you pay down your mortgage.

3. Pay your line of credit balance on your terms

With the RBC Homeline plan, you get flexible repayment options and make interest only monthly payments on your Royal Credit Line. You also have the ability to pay off your balance in part or in full at any time.

4. Access credit when you need it

You have the ability to borrow repeatedly up to your available credit limit without having to re-apply.
Life can be unpredictable and there’s always expenses that can arise. With the RBC Homeline Plan, you’ll have access to funds to help those costs, such as:

1. Emergencies

Having access to funds in case of an emergency will help you manage through tough financial times, such as unexpected job loss, medical expenses, car repairs and more.

2. Home improvements

Boost your home’s value by investing in some renovations and getting those over due repairs done.

3. Debt consolidation

If you have multiple credit cards with high interest rates, consolidating your debts into a single lower interest rate can save you money.

4. Education

You can use your home’s equity to fund private or post-secondary education.
It’s important to understand all benefits and risks when it comes to your borrowing options. The Royal Credit Line portion of the RBC Homeline Plan comes with a variable rate that may rise and fall with the prime rate. It’s best to speak with your mortgage advisor to figure out what option is best suited for your needs.

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