RBC Royal Bank 5-year variable mortgage rate.
Today’s best 5-year variable in our network is 3.60%. We access RBC Royal Bank’s broker-channel pricing — typically 15-30 bps below posted — and compare it across 50+ lenders.
RBC Royal Bank’s best 5-year variable rate today is approximately 3.60% through the broker channel — about $2,826/month on a $700,000 home with 20% down over 25 years. A 5-year variable is the term for borrowers who expect rates flat-to-lower and want the cheapest exit. The branch rate is rarely RBC Royal Bank’s best — the broker channel typically runs 15-30 bps lower.
The 5-year variable with RBC Royal Bank
Who it suits. Borrowers comfortable with some payment movement in exchange for a usually-lower starting rate and a far cheaper break cost. It suits people who might move, refinance, or sell within the term, and those who believe the Bank of Canada's next moves are cuts rather than hikes.
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.
Breaking it early. 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.
How RBC Royal Bank prices 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 runs two 5-year variable rate sheets: the posted/branch rate and a wholesale broker-channel rate a licensed brokerage accesses, usually 15-30 bps lower because the broker handles origination. You can’t reach it by walking into a branch. 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
A worked example
On a $700,000 home with 20% down, the mortgage is $560,000. At RBC Royal Bank’s best 5-year variable rate of 3.60% over a 25-year amortization, the payment is about $2,826/month. Walk into a branch at the posted rate (~15-30 bps higher) and you’d pay $50-100 more a month for the identical mortgage — which is exactly what the broker channel saves. Model your numbers in the RBC Royal Bank calculator.
Whatever your situation with RBC Royal Bank
We submit to RBC Royal Bank's broker desk and 50+ 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
Unlock equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with RBC Royal Bank — most clients beat the first offer by 30-60 bps.
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 a RBC mortgage
Estimate the RBC Royal Bank posted-rate IRD penalty before you switch.
6 reasons to get RBC Royal Bank's 5-year variable through a broker
Why the branch rate is rarely RBC Royal Bank's best 5-year variable — and how the broker channel changes the math.
Access the broker channel
RBC Royal Bank's broker-channel 5-year variable rate is typically 15-30 bps below the branch rate — and you can only reach it through a licensed brokerage like ours.
RBC Royal Bank and 50+ others compete
We submit your file to RBC Royal Bank's broker desk and the rest of the network on one application, so you get RBC Royal Bank's best and the market's best side by side.
No bureau pull to start
We can shop your RBC 5-year variable rate without a hard credit check, so comparing costs you nothing.
We handle the paperwork
From application to RBC Royal Bank's underwriting to funding, we manage the file end-to-end.
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.
Best-rate guarantee
We'll beat any comparable Big-6 5-year variable offer or pay you $500 — and our advice is free, paid by the funding lender.
Why shop RBC Royal Bank through us
- Direct access to RBC Royal Bank's broker desk — plus 50+ other lenders on one application.
- Broker-channel pricing 15-30 bps below RBC Royal Bank's posted rate.
- One application, every lender — RBC Royal Bank's best and the market's best, then you choose.
- FSRA-licensed advice, no bureau pull to start, best-rate guarantee or $500.