Updated November 2026 · Estima.ca research
RBC Mortgage Rates — What to Expect from Royal Bank of Canada
Royal Bank of Canada is the country's largest mortgage lender by book size, which makes its posted and discounted rates a useful benchmark even if you plan to shop the entire Big Six. Knowing how RBC structures its mortgage products, and where the negotiating room usually sits, makes any lender conversation easier.
RBC's core mortgage lineup
RBC offers the standard Canadian menu — 1 through 10-year fixed terms, 3 and 5-year variable, open and closed structures, plus a readvanceable Homeline Plan that combines a mortgage with a line of credit as you build equity. The most common choice is the 5-year fixed closed, followed by the 5-year variable; anything shorter than 3 years is usually priced above the 5-year for a reason and rarely wins on total interest.
Posted rate vs. discounted rate — the number that matters
The rate RBC advertises on its website is the posted rate. Almost nobody pays that. The actual contract rate is the discounted rate, negotiated in-branch or through a mortgage specialist, and it is often 1.5 to 2 percentage points below the posted number. Bring a written quote from a competing lender to the meeting and the discount typically improves further.
The posted rate still matters in one place: your Interest Rate Differential (IRD) penalty if you break a fixed mortgage early. RBC uses the posted rate at origination against the current posted rate for the closest matching remaining term, which is why breaking a Big Six fixed mortgage can cost significantly more than breaking a monoline lender's fixed mortgage of the same size.
Where RBC tends to compete — and where it doesn't
RBC is usually competitive on high-ratio insured mortgages, where the CMHC or Sagen insurance premium removes most of its default risk. On insured 5-year fixed and 5-year variable, its discounted rate is typically within a few basis points of the other Big Six banks and inside the range of what monoline lenders offer.
On uninsured mortgages — 20% or more down — the picture is less predictable. Monoline lenders and credit unions frequently undercut Big Six pricing here by 15 to 30 basis points because they compete purely on rate rather than on a bundled banking relationship. If you already keep your chequing account, credit card and investments at RBC, ask explicitly for a relationship discount before comparing.
Getting a real quote from RBC
Start by getting pre-approved online — it locks a rate for up to 120 days and gives you a written number to negotiate against. Then request a call with an RBC mortgage specialist rather than a general branch employee: specialists have wider discretion on discounts and can compare multiple product structures in one conversation.
Before you sign, run the exact quote through Estima.ca's Canadian mortgage calculator to see the payment, total interest and CMHC premium in one view, and compare it against the sample rates from the other Big Six banks on our rates page. Small differences in rate compound quickly over a 25-year amortisation.
FAQ
- What is RBC's current 5-year fixed mortgage rate?
- RBC's posted 5-year fixed rate is public on the bank's website, but the rate you can actually negotiate is typically 1.5 to 2 percentage points lower. Estima.ca shows sample market rates for education — always confirm your personal quote directly with RBC.
- Is RBC cheaper than the other Big Six banks?
- Not consistently. On insured mortgages RBC prices very close to the other Big Six banks. On uninsured mortgages, monoline lenders and credit unions often quote lower rates. Getting written quotes from two or three lenders is the only reliable way to know who is cheapest for your specific file.
- What is the RBC Homeline Plan?
- It is a readvanceable mortgage that combines a term mortgage with a line of credit under one registered charge. As you pay down the mortgage, the credit line automatically grows. It is useful for renovations and the Smith Manoeuvre but usually comes with a slightly higher rate than a standalone mortgage.