RBC Royal Bank · 5-Year FixedRBC Royal Bank 5-year fixed mortgage, compared.
RBC Royal Bank isn’t posting a broker-channel 5-year fixed on our rate board today — the best 5-year fixed across our network is 4.14%. 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 5-year fixed compare?
RBC Royal Bank isn't currently posting a broker-channel 5-year fixed on our rate board, so the rate above is the best 5-year fixed across our 100+ lenders — not RBC Royal Bank's own. For this term we shop your file across the full shelf, RBC Royal Bank included, and bring back the sharpest fit.
The trade-off, and what drives the rate
The trade-off. You trade the chance of catching falling rates for total payment certainty.
What drives the rate. The 5-year fixed tracks the 5-year Government of Canada bond yield plus a lender spread. When bond markets expect the economy to slow, the 5-year yield falls and these rates ease even before the Bank of Canada acts, which is why the fixed market often moves ahead of the headlines.
What would my payment be with RBC Royal Bank?
About $2,988/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at the network’s best 5-year fixed rate of 4.14% 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.
What a 5-year fixed with RBC Royal Bank means in practice
On a 5-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%. Over a full five years that exposure is largest early, when the most months are left for the rate gap to multiply across.
More on RBC Royal Bank's 5-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. Prepaying inside that allowance also shrinks the balance any later IRD would be calculated on, which matters more at a posted-rate lender than almost anywhere else.
Where RBC tends to win a 5-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 5-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 5-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 5-year fixed through a broker?
Because the rate RBC Royal Bank quotes you directly is rarely its best 5-year fixed. We can help you save money.
Access the broker channel
RBC Royal Bank's broker-channel 5-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 5-year fixed rate — FAQ
What is RBC Royal Bank's 5-year fixed mortgage rate today?
The best 5-year fixed across our 100+ lender network is approximately 4.14% as of Oct 24, 2026. 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 5-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 5-year fixed and the market's best side by side.
What prepayment privileges come with an RBC Royal Bank 5-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 5-year fixed work?
Breaking a 5-year fixed early triggers the greater of three months' interest or the Interest Rate Differential (IRD), and at a Big-6 bank the posted-rate IRD can run into five figures, so this term rewards borrowers who will actually keep it for five years. 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 5-year fixed rate than RBC Royal Bank's?
Sometimes. Another of our 100+ lenders may price your specific 5-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 5-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.