Compare RBC Royal Bank Mortgage Rates in Canada
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Compare RBC Royal Bank Mortgage Rates in Canada
Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today. We instantly show you the lowest rates for every mortgage option – ranging from five-year fixed rate mortgages to five-year variable rate mortgages and everything in between available through Canada’s big banks and a variety of other lenders. More choice means you always get the very best mortgage to meet your needs.
Key Highlights
- Regardless of where you are in Canada, nesto can tell you what your best mortgage rates are today.
- When comparing rates, be sure to measure mortgage products based on both the term length (3 years, 5 years, etc) and type (fixed or variable).
- RBC Royal Bank mortgage rates are competitive among other big banks and lenders. Your personal financial situation will often determine whether you qualify for the lowest rates.
Compare RBC Royal Bank Mortgage Rates
The top five big bank rates are all available in the easy-to-view table below. This enables you to quickly compare nesto rates against TD Bank, RBC Royal Bank, CIBC, HSBC and Scotia Bank. We do all the work to ensure you always get the best rate upfront!
Top 5 Big
Bank Rates
The top 5 big bank rates all in one easy-to-view table. See their rates then beat their rates (or get $500) with nesto’s low rate guarantee.
*Toronto rates
How to Compare Bank Rates from Big Banks
When you’re comparing rates from banks like RBC Royal Bank, and the other Canadian Big Five banks, you’re generally talking about conventional lenders, who have some of the lowest rates available compared to private and other alternative lenders. (There are a range of different lender types in Canada).
When you’re looking for the best rate, A-lenders like nesto and the Big Five update their rates regularly based on changes in the Bank of Canada’s key interest rate. Ultimately, you want to go for the lowest rate possible, since a lower interest rate could save you thousands over the lifetime of your mortgage. The best way to compare rates is to check out multiple lenders at once and see what’s available. You also want to make sure you find a mortgage solution that works for your situation, and here it helps to know the pros and cons of fixed versus variable rate mortgages, and other different types of mortgages in Canada.
Finally, if you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.
RBC Royal Bank overview & stock information
As Canada’s largest bank, RBC Royal Bank has a unique history. RBC started off as The Merchants Bank of Halifax in 1864, then continued to grow throughout the years across Canada and globally.
Stock Information
RBC Prime Rate
RBC’s prime rate is used as the basis for many of RBC’s products, including variable rate mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of Thursday, September 28, 2023, RBC’s prime rate is
Here’s a snapshot of the Prime Rate over time.
*Most Recent Prime Rate Shown
Source: bankofcanada.ca
RBC Royal Bank 5-Year Fixed and Variable Rate History
We don’t track historical rates at RBC. 5-year mortgage rates are the most popular rates to choose from in Canada, with people switching between fixed or variable depending on market trends. Analyzing the chart from Bank of Canada below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.
*Most Recent Prime Rate Shown
Source: bankofcanada.ca
Bank of Canada Policy & Prime Rate Changes
| Date of Rate Change | Key Overnight Target Rate (%) | Change (%) | Bank Prime Rate |
|---|---|---|---|
| June 2, 2010 | 0.30% | 0.25% | 2.50% |
| July 21, 2010 | 0.55% | 0.25% | 2.75% |
| September 9, 2010 | 0.80% | 0.25% | 3.00% |
| January 28, 2015 | 0.65% | -0.15% | 2.85% |
| July 16, 2015 | 0.50% | -0.15% | 2.70% |
| July 13, 2017 | 0.75% | 0.25% | 2.95% |
| September 7, 2017 | 1.00% | 0.25% | 3.20% |
| January 18, 2018 | 1.25% | 0.25% | 3.45% |
| July 12, 2018 | 1.50% | 0.25% | 3.70% |
| October 25, 2018 | 1.75% | 0.25% | 3.95% |
| March 5, 2020 | 1.25% | -0.50% | 3.45% |
| March 17, 2020 | 0.75% | -0.50% | 2.95% |
| March 30, 2020 | 0.25% | -0.50% | 2.45% |
| March 3, 2022 | 0.50% | 0.25% | 2.70% |
| April 14, 2022 | 1.00% | 0.50% | 3.20% |
| June 2, 2022 | 1.50% | 0.50% | 3.70% |
| July 14, 2022 | 2.50% | 1.00% | 4.70% |
| September 7, 2022 | 3.25% | 0.75% | 5.45% |
| October 26, 2022 | 3.75% | 0.50% | 5.95% |
| December 7, 2022 | 4.25% | 0.50% | 6.45% |
| January 25, 2023 | 4.50% | 0.25% | 6.70% |
| March 8, 2023 | 4.50% | 0.00% | 6.70% |
| April 12, 2023 | 4.50% | 0.00% | 6.70% |
| June 7, 2023 | 4.75% | 0.25% | 6.95% |
| July 12, 2023 | 5.00% | 0.25% | 7.20% |
| September 6, 2023 | 5.00% | 0.00% | 7.20% |
The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.
You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.
RBC Royal Bank Mortgage Products
RBC offers a number of mortgage products in addition to the standard fixed- and variable rate options:
Homeline Plan Mortgage
RBC’s home equity line of credit (HELOC) product, which enables you to consolidate existing debt to save on interest charges. You can enjoy the benefits of both a mortgage and a line of credit in one product.
Cashback 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 – maximum 7% of your mortgage value.
Self-Employed Mortgage
Getting approved for a traditional mortgage can be difficult when you’re self-employed. That’s where RBC’s self-employed mortgage comes in to help you obtain competitive rates for buying, refinancing, renovating etc. Financing is available for up to 90% of the value of your home.
Vacation Home Mortgage
Specially designed for vacation homes, this product lets you finance up to 95% of the value of a property primarily used for recreation.
RBC Investment Property Mortgage
Designed for investment properties, this product allows financing for up to 80% of the appraised value of a rental property.
RBC Royal Bank Mortgage Payment Increases
RBC enables you pay off your mortgage faster by allowing mortgage payments up to double your regular RBC monthly payment. You can prepay any amount from $100 all the way up to matching the amount of your regular mortgage payment. Any prepaid amount will go directly to paying down your principal, which can save you tens of thousands of dollars in interest throughout the life of your mortgage.
RBC Royal Bank Annual Mortgage Prepayment
This annual prepayment privilege enables you to prepay up to 10% of your original mortgage principal on a closed mortgage in one lump sum payment every year. This will help reduce your interest payments and pay down your mortgage much faster, as all of the lump sum amount will go towards the mortgage principal balance.
Important: RBC enables you pay off your mortgage faster by allowing mortgage payments up to double your regular RBC monthly payment
All of Canada’s six big banks offer similar annual prepayment amounts, ranging from 10% all the way up to 20% of your original mortgage principal as outlined below:
| Canadian Bank Closed Mortgage Prepayment Amounts | |
| RBC Royal Bank | 10% |
| TD Bank | 15% |
| Scotiabank | 15% |
| BMO | 20% |
| CIBC | 20% |
| National Bank | 10% |
RBC Royal Bank Prime Rate
RBC Royal Bank’s prime rate is used as the basis for many of RBC’s products, including variable rate mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of Thursday, September 28, 2023, RBC’s prime rate is
Renewal Process with Big Banks
With RBC Royal Bank, if you’re renewing with the same lender the process involves getting in touch with the bank directly to explore your renewal options. However, the renewal process often brings up questions like whether or not you have to renew your mortgage with your current bank. The answer is no, you do have the choice to renew at the end of your term with any bank or mortgage provider. If you’re looking to renew your current RBC Royal Bank mortgage with another lender, it’s worth shopping around for better rates and terms that suit your situation before you renew with the same lender.
At nesto, we help you find the best rates available on your mortgage, and we also lend directly. Our simple renewal process guide explains in more detail how to renew your mortgage with a new lender. To get started and renew your mortgage with nesto, start by finding the best rate available near you, at least a couple months before your current term is due to expire. Once you’ve found a solution you’re interested in, simply get in touch and a mortgage advisor will help you through the process. Renewing with nesto is a simple, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks.
Frequently Asked Questions
Here are some of the commonly asked questions about RBC Royal Bank’s mortgage offerings and rates recently.
Are RBC Royal Bank rates lower than other big banks?
RBC Royal Bank mortgage rates are competitive among other big banks and lenders, but they aren’t consistently lower or higher. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. And in order to get the best mortgage rate, as well as the mortgage features your desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.
What are the benefits of choosing a smaller lender?
There are often a number of benefits to getting your mortgage through a smaller lender. For one, the banks have very strict policies when it comes to who fits into their mortgage products, whereby smaller lenders are more likely to listen to your story before determining if you qualify for a mortgage. As well, smaller lenders often only specialize in mortgages, so they won’t be trying to cross-sell you on other products. This makes them more focused on ensuring you always have the best mortgage experience possible.
How do I get a mortgage with RBC Royal Bank?
You can get an RBC Royal Bank mortgage by going straight to the bank. The benefits to not going directly to the bank are that a nesto advisor or mortgage broker will compare multiple lender products and rates to get you the best deal. RBC Royal Bank may not always have the best mortgage rate for you.
Final Thoughts
While RBC Royal Bank is an excellent choice for many mortgage borrowers, it’s always important to compare your options every time you’re in the market for a new mortgage, renewal or refinance. Your nesto advisor will ensure you get the very best rate every time.
