RBC Royal Bank · 5-Year VariableRBC Royal Bank 5-year variable mortgage rate.
As of May 13, 2026, the best 5-year variable from RBC Royal Bank was 3.75% — about $2,870/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 5-year variable compare?
RBC Royal Bank publishes a broker-channel 5-year variable on our rate board, so the 3.75% shown here is RBC Royal Bank's own best 5-year variable pricing — not a network average, and it currently sits about 0.20% above the sharpest 5-year variable across our 100+ lenders, so it's worth comparing before you lock.
The trade-off, and what drives the rate
The trade-off. You accept payment uncertainty in exchange for a cheaper exit and upside if rates fall.
What drives the rate. A 5-year variable moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. When the Bank cuts, your rate (and often your payment) falls within weeks; when it hikes, it rises. The variable-versus-fixed gap (the 'spread') widens and narrows with the market's rate outlook.
What would my payment be with RBC Royal Bank?
About $2,870/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at RBC Royal Bank’s best 5-year variable rate of 3.75% 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 5-year variable with RBC Royal Bank means in practice
On a variable, RBC Royal Bank's break cost is typically three months' interest, which means the posted-rate IRD behind RBC's large fixed-rate penalties — measured against an RBC posted rate we model at around 6.84% — is not what decides this 5-year variable. Canada's largest bank by mortgage volume competes here on rate and on what it lets you do with your money during the term.
More on RBC Royal Bank's 5-year variable: 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. For a variable borrower expecting prime to ease, the double-up right is the practical tool for turning each cut into faster principal paydown instead of a smaller payment.
Where RBC tends to win a 5-year variable: 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 variable, the penalty won't separate RBC from the other five big banks — three months' interest is typical across the group. 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 variable 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 variable through a broker?
Because the rate RBC Royal Bank quotes you directly is rarely its best 5-year variable. We can help you save money.
Access the broker channel
RBC Royal Bank's broker-channel 5-year variable 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 variable rate — FAQ
What is RBC Royal Bank's 5-year variable mortgage rate today?
RBC Royal Bank's best 5-year variable in our network is approximately 3.75% as of May 13, 2026 — about $2,870/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 5-year variable 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 variable and the market's best side by side.
What prepayment privileges come with an RBC Royal Bank 5-year variable?
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. On a variable the penalty is typically only three months' interest, so the privilege is mainly a paydown tool. The exact privilege is set in your commitment letter.
How does breaking an RBC Royal Bank 5-year variable work?
The break penalty is only three months' interest, typically a fraction of a fixed mortgage's IRD, which is the single biggest reason mobile or uncertain borrowers choose variable. 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 variable rate than RBC Royal Bank's?
Sometimes. Another of our 100+ lenders may price your specific 5-year variable 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 variable — and 100+ others.
One application, no credit pull to begin. We submit to RBC Royal Bank and shop the whole network for your file.