RBC Royal Bank · 2-Year FixedRBC Royal Bank 2-year fixed mortgage rate.
As of May 13, 2026, the best 2-year fixed from RBC Royal Bank was 4.94% — about $3,238/month on a $700,000 home with 20% down. We get RBC Royal Bank’s broker pricing — typically 15-30 bps below posted — and compare it across 100+ lenders.
How does RBC Royal Bank’s 2-year fixed compare?
RBC Royal Bank publishes a broker-channel 2-year fixed on our rate board, so the 4.94% shown here is RBC Royal Bank's own best 2-year fixed pricing — not a network average, and it currently sits about 0.15% above the sharpest 2-year fixed across our 100+ lenders, so it's worth comparing before you lock.
The trade-off, and what drives the rate
The trade-off. You pay for a very short rate hold and the certainty of re-shopping soon, sometimes at a premium.
What drives the rate. Priced off the 2-year Government of Canada bond, the 2-year fixed is highly sensitive to the near-term rate outlook. In a falling-rate market it can undercut longer fixed terms; in a flat market it usually prices above them because lenders prefer to lock you in longer.
What would my payment be with RBC Royal Bank?
About $3,238/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at RBC Royal Bank’s best 2-year fixed rate of 4.94% over a 25-year amortization. At RBC Royal Bank’s consumer rate (~15-30 bps higher) the same mortgage costs $50-100 more a month. Model your numbers in the RBC Royal Bank calculator.
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.14% | $2,988/mo |
| 5-Year VariableLowest | 3.75% | $2,870/mo |
| 3-Year Fixed | 4.04% | $2,958/mo |
| 3-Year Variable | — | — |
| 2-Year Fixed | 4.94% | $3,238/mo |
| 1-Year Fixed | 5.59% | $3,448/mo |
| 4-Year Fixed | — | — |
| 7-Year Fixed | — | — |
| 10-Year Fixed | 5.79% | $3,513/mo |
What a 2-year fixed with RBC Royal Bank means in practice
On a 2-year fixed, the part of an RBC mortgage that separates it from a monoline is how a break is priced. RBC uses posted-rate IRD on fixed mortgages: the penalty is driven by the gap between your contract rate and RBC's posted rate for the remaining term, and the representative 5-year posted rate we pre-load for RBC is 6.84%. With two years of term there is little time for the IRD to build, so three months' interest is usually the practical cost of leaving early.
More on RBC Royal Bank's 2-year fixed: penalties, privileges and programs
RBC's prepayment allowance on our privilege table is 10% of the original principal as a lump sum each year, plus the right to double payments (once per year). On the $560,000 illustrative mortgage that is up to $56,000 a year in lump sums. On a term this short the allowance is less about avoiding a penalty and more about arriving at renewal with a smaller balance to re-shop.
Where RBC tends to win a 2-year fixed: insured first-time-buyer files, which it prices aggressively; salaried, full-document applicants; and newcomers through the RBC Newcomer Mortgage program. If you already hold chequing or investments at RBC, its bundled relationship pricing can close a small gap to the network best — worth weighing only when the two rates are genuinely close.
Against the other Big-6. On a 2-year fixed, all six big banks use posted-rate IRD, so the method won't separate RBC; its representative posted rate (6.84%) is the same figure we model for Scotiabank and CIBC. Prepayment is where RBC trails: 10% plus double-up is the low end of the group, level with CIBC, while the others offer TD and National Bank (15% lump sum plus double-up), Scotiabank (15/15), BMO (20/20), CIBC (10% lump sum plus double-up).
How does RBC Royal Bank price the broker channel?
Canada's largest bank by mortgage volume. Strongest brand recognition, deep branch network, and aggressive on insured first-time-buyer pricing. Our broker channel typically prices 15-30 bps below RBC's walk-in branch rate.
RBC Royal Bank's rate sheets and strengths
RBC Royal Bank runs a consumer 2-year fixed sheet and a wholesale broker-channel sheet, usually 15-30 bps lower — on a $700,000 mortgage, 20 bps is roughly $1,400 a year.
- Insured first-time-buyer files
- Salaried full-doc files
- Newcomer Mortgage program
- Branch + advisor convenience
Why get RBC Royal Bank’s 2-year fixed through a broker?
Because the rate RBC Royal Bank quotes you directly is rarely its best 2-year fixed. We can help you save money.
Access the broker channel
RBC Royal Bank's broker-channel 2-year fixed rate is typically 15-30 bps below the rate you would be quoted directly — and you can only reach it through a licensed brokerage like ours.
Switch or renew without overpaying
At maturity we benchmark RBC Royal Bank's renewal/switch offer against the whole market so you never auto-renew high.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Whatever your situation with RBC Royal Bank
We submit to RBC Royal Bank’s broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — RBC Royal Bank or whichever lender prices you lowest.
Refinancing
Tap your home equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with RBC Royal Bank — compare the offer against the market.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking an RBC mortgage
Estimate the RBC Royal Bank posted-rate IRD penalty before you switch.
RBC Royal Bank 2-year fixed rate — FAQ
What is RBC Royal Bank's 2-year fixed mortgage rate today?
RBC Royal Bank's best 2-year fixed in our network is approximately 4.94% as of May 13, 2026 — about $3,238/month on a $700,000 home with 20% down over 25 years. As an FSRA-licensed brokerage we quote RBC Royal Bank's broker-channel sheet, typically 15-30 bps below its consumer rate. Your exact rate depends on your file.
How do I get RBC Royal Bank's broker-channel 2-year fixed rate?
You can't get the broker rate by approaching RBC Royal Bank yourself — it's wholesale pricing offered only through licensed brokers. We submit your file directly to RBC Royal Bank's broker desk and, on the same application, compare it against the rest of the network so you see RBC Royal Bank's best 2-year fixed and the market's best side by side.
What prepayment privileges come with an RBC Royal Bank 2-year fixed?
For RBC Royal Bank, our privilege table records 10% of the original principal as a lump sum each year, plus the right to double payments. On a $560,000 mortgage that allows up to $56,000 a year in lump sums. Prepaying within the allowance also lowers the balance a later break penalty is calculated on. The exact privilege is set in your commitment letter.
How does breaking an RBC Royal Bank 2-year fixed work?
The greater of three months' interest or IRD, but with so little term length the IRD is rarely large, and three months' interest is often the binding (and modest) figure. RBC uses posted-rate IRD on fixed mortgages — your penalty is driven by the gap between your contract rate and RBC's posted rate for the remaining term. Estimate it with the RBC Royal Bank penalty calculator; RBC Royal Bank's written payout statement is the binding number.
Can I get a lower 2-year fixed rate than RBC Royal Bank's?
Sometimes. Another of our 100+ lenders may price your specific 2-year fixed better — we put RBC Royal Bank and the rest of the network on one application, then you choose.
Get RBC Royal Bank’s best 2-year fixed — and 100+ others.
One application, no credit pull to begin. We submit to RBC Royal Bank and shop the whole network for your file.