RBC Mortgage review
Best for: Buyers and switchers who want a big-bank mortgage with Double-Up payments, a 120-day rate hold and a variable rate that converts to fixed without charge.
#8 in our mortgage lenders ranking. See how we rank
Purchase or switch, 25-year amortization or less; posted rate is 6.19%
RBC Prime (4.45%) minus 0.300%, 25-year amortization or less
Yearly on closed terms; RBC’s current fixed-rate page gives no percentage
Greater of the two on fixed; 3 months’ interest on variable
Insured maximum not stated on the pages we read
The bottom line
RBC lists a 5-year fixed special of 5.14% for purchases and switches with a 25-year amortization or less, against a posted rate of 6.19%. Its 5-year variable special is 4.15%, or RBC Prime minus 0.300%. Closed mortgages come with Double-Up payments, a skip-a-payment option and yearly prepayment room, but breaking a fixed term early can cost the greater of 3 months’ interest or an interest rate differential.
Pros & cons
Pros
- 5-year fixed special of 5.14%, offered until October 31, 2026
- Variable rate converts to any 1 to 10-year fixed term without charge
- Fixed rate held for up to 120 days before closing
- Double-Up payments and a skip-a-payment option
- Open terms, including a 5-year variable
Cons
- Fixed-rate penalty can include an interest rate differential
- Specials cost more with an amortization over 25 years
- Fixed-rate portability isn’t confirmed on RBC’s pages
- Current fixed-rate page doesn’t state prepayment limits
A sensible choice if you want a big-bank mortgage with flexible payment options and a variable rate you can lock in later. Make sure your quote reflects the special, not the posted rate.
Suits you if
- You can keep your amortization at 25 years or less.
- You want a variable rate you can convert to fixed.
- You like the option to double up or skip a payment.
Look elsewhere if
- You need confirmed porting on a fixed-rate mortgage.
- You might break a fixed term early.
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RBC mortgage rates on offer
We read these rates from RBC’s own website on October 14, 2026. Mortgage rates change often, so confirm the current figures with RBC before you commit.
RBC shows three kinds of pricing. Special offers apply to closed mortgages for purchases and switches. Posted rates are RBC’s standard rates. High-ratio rates apply when you put less than 20% down on a home under $1M and need default insurance. Specials also depend on amortization: RBC prices them for 25 years or less and charges more above that.
- 5-year fixed: 5.14% special (APR 5.17%), 5.24% with an amortization over 25 years, 4.84% high ratio, 6.19% posted
- 3-year fixed: 4.99% special (APR 5.03%), 5.09% over 25 years, 6.25% posted
- Open terms: 6-month and 1-year fixed, plus a 5-year variable
Variable rates and RBC Prime
RBC’s variable rates move with RBC Prime, which was 4.45% when we checked. The 5-year variable special is 4.15%, or prime minus 0.300%, for amortizations of 25 years or less, and 4.25% (prime minus 0.200%) above that. The high-ratio variable special is 3.85%, or prime minus 0.600%, and the posted variable rate equals prime. RBC says a variable mortgage can be converted to any fixed term from 1 to 10 years without charge, and it also offers a 6-month convertible term.
Prepayment privileges
On closed mortgages, RBC describes yearly prepayment room of up to 10% of the original principal as a lump sum, plus the option to raise your payment by up to 10% each year. It also lists Double-Up payments.
The 10% figures come from RBC’s variable-rate page and an older fixed-rate brochure. RBC’s current fixed-rate page gives no percentage, so confirm the limit before you choose a fixed term. Former HSBC clients moved to RBC in 2024 have different terms, with 20% limits on lump sums and payment increases.
Penalties and portability
Breaking a closed fixed mortgage early costs the greater of 3 months’ interest or an interest rate differential (IRD). RBC calculates the IRD against the posted rate less the discount you received. On a closed variable mortgage, the charge is 3 months’ interest. Ask RBC for a penalty estimate before you sell or refinance mid-term.
RBC’s variable-rate page confirms you can port a variable mortgage on a firm sale and purchase of a single property within a 120-day window. The pages we read don’t say whether closed fixed-rate mortgages are portable, so ask before you sign if you may move during the term.
Features and how to apply
RBC lists a skip-a-payment option worth one month’s payment, and it will hold a fixed rate for up to 120 days before closing. Its fixed-rate page allows amortizations between 5 and 30 years, but RBC doesn’t state a maximum for insured mortgages with less than 20% down.
Start on RBC’s mortgage rates page, check which special matches your amortization and down payment, and ask for the rate hold to be confirmed in writing. RBC says its 5-year fixed special runs until October 31, 2026.
Other mortgage lenders we review
- Desjardins Mortgage5-year fixed: 4.69% special
- Tangerine Mortgage5-year fixed: 4.69% preferred (clients)
- Meridian Mortgage5-year fixed: 4.74% special
- nesto Mortgage5-year fixed: 4.79% (20% down)
- Alterna Mortgage5-year fixed: 5.04% (20%+ down)
- National Bank Mortgage5-year fixed: 5.04% promotional
- BMO Mortgage5-year fixed: 5.14% Smart Fixed special
- CIBC Mortgage5-year fixed: 5.34% special
- TD Mortgage5-year fixed: 5.34% special
- Scotiabank Mortgage5-year fixed: 6.19% posted
Frequently Asked Questions
What is RBC’s prepayment penalty on a fixed mortgage?
RBC charges the greater of 3 months’ interest or an interest rate differential when you break a closed fixed mortgage early. The differential is based on the posted rate less the discount you received. On a closed variable mortgage, the charge is 3 months’ interest.
Can I switch my RBC variable mortgage to a fixed rate?
Yes. RBC says you can convert a variable-rate mortgage to any fixed term from 1 to 10 years without a charge. It also offers a 6-month convertible term if you want time before committing to a longer term.
Does RBC charge a higher rate for a 30-year amortization?
RBC prices its specials by amortization. The 5-year fixed special is 5.14% with 25 years or less and 5.24% over 25 years, and the 5-year variable special moves from 4.15% to 4.25%. RBC’s fixed-rate page lists amortizations between 5 and 30 years.
What rate does RBC offer with less than 20% down?
RBC lists a high-ratio 5-year fixed special of 4.84% and a high-ratio 5-year variable special of 3.85%, or RBC Prime minus 0.600%. These apply when you put less than 20% down on a home under $1M and need mortgage default insurance.
How long does RBC’s 5-year fixed special last?
RBC says the 5.14% special on a closed 5-year fixed runs until October 31, 2026. It applies to purchases and switches with an amortization of 25 years or less. Confirm the rate on RBC’s site before you apply.
Can I skip a payment on my RBC mortgage?
RBC lists a skip-a-payment option worth one month’s payment. Ask RBC about eligibility and how the skipped amount affects your balance before you use it.
How much can I prepay on an RBC mortgage each year?
RBC describes yearly prepayments of up to 10% of the original principal as a lump sum, plus payment increases of up to 10%. Those figures come from its variable-rate page and an older fixed-rate brochure, so confirm the limit for a fixed term. Former HSBC clients have 20% limits.
Sources
Rates and terms come from RBC Mortgage’s own site, checked October 14, 2026. Mortgage rates change often and your rate depends on your down payment, credit, property and whether the mortgage is insured, so get a quote before you decide. See our methodology.