RBC vs Other Major Banks: A Side-by-Side Mortgage Rate Comparison

What we compare and why

When shopping for a mortgage, the advertised interest rate is only one part of the decision.

This comparison uses the latest available data from the banks' own websites and reputable comparison sites to show you how RBC's rates and features compare with four other Big 5 banks: BMO, CIBC, Scotiabank, and TD. We focus on common terms—3-year and 5-year fixed, and 5-year variable—because these are the most frequently chosen by Canadian homeowners.

• Fixed rates are locked in for the entire term, so your payment stays the same.
• Variable rates fluctuate with the lender's prime rate, which moves with the Bank of Canada's policy rate.
• Special rates are often lower than posted rates and may require negotiation.

Sources: Ratehub.ca, Forbes Advisor Canada

Fixed rates by term

For a 3-year fixed term, RBC's special rate is 4.49% (APR 4.53%).

Looking at 5-year fixed special rates among the other Big 5 banks, TD advertises 4.49%, BMO is at 4.51%, CIBC at 4.59%, and Scotiabank at 4.24%. These are the special rates available to well-qualified borrowers as of the data collection date. They do not include variable-rate options or discounts that may be available through brokers.

Sources: Royal Bank of Canada, Ratehub.ca

Variable rates

RBC's 5-year variable special rate is currently Prime minus 0.50%, which works out to 3.95% when prime is 4.45%.

Variable rates are expressed as a discount or premium to the bank's prime rate. As of August 2026, RBC's prime rate is 4.45%. The Bank of Canada's policy rate has been held at 2.25% since October 2025 and is expected to remain there through 2026, which influences where prime rates sit.

Sources: Royal Bank of Canada, Forbes Advisor Canada, Department of Finance Canada

Insured vs uninsured rates

This is because the insurer assumes some of the risk for the lender.

The rates shown in this comparison are for uninsured mortgages, which are the rates most commonly advertised by the banks. Always ask your lender about the rate for your specific situation.

• Insured rates may differ from uninsured rates and can be lower.

Sources: Ratehub.ca, Forbes Advisor Canada

Special offers and conditions

All the major banks, including RBC, regularly offer special rates that are lower than their posted rates. These special rates often come with conditions, such as a minimum down payment, a maximum amortization, or a requirement to set up a chequing account with the bank.

RBC also allows you to lock in a fixed mortgage rate for 120 days from your application date, which gives you time to close on a home without worrying about rate increases.

• Special rates are typically available for a limited time and may require a mortgage application within a certain period.
• RBC's 120-day rate hold applies to fixed-rate mortgages.
• Negotiating with your lender or a mortgage broker can sometimes result in an even better rate.

Sources: Forbes Advisor Canada

How to get the best rate

The best mortgage rate for you depends on your financial situation, the type of property, and how long you plan to stay in your home. Here are some steps to help you secure the most competitive rate:

First, compare offers from at least three different lenders, including the big banks and possibly a credit union or online lender. Second, negotiate: published rates are often starting points, and special rates may be negotiable. Third, consider using a mortgage broker, who can access wholesale rates that are not advertised to the public.

Remember that the lowest rate is not always the best deal if the prepayment privileges or terms are restrictive. For example, if you plan to make extra payments, a slightly higher rate with a higher prepayment limit might save you more in interest over the long run.

1. Check your credit score and prepare your documents (proof of income, down payment, and assets).
2. Research current rates from at least three lenders, using the comparison tables here and official bank websites.
3. Contact the lenders or a mortgage broker and provide your details to get personalized rate quotes.
4. Compare the rate, prepayment options, and other features side by side.
5. Negotiate with your preferred lender, mentioning the quotes you have from competitors.
6. Review all terms and conditions before signing the mortgage agreement.

Sources: Forbes Advisor Canada

Important limitations

The rates shown in this comparison were collected from official bank websites and reputable comparison sites on the dates noted. Mortgage rates change frequently, so always confirm the current rate with your lender or broker before making a decision.

Some comparison data come from different dates: the Ratehub data was published in April 2026, while the RBC rates are from August 2026. This timing difference means that some rates may have changed since publication.

The prepayment limit information is based on a trusted comparison site, and your actual prepayment options may depend on the specific mortgage product you choose. Always read your mortgage commitment carefully.

• Rates are subject to change without notice.
• Your rate may vary based on your credit history, down payment, property type, and location.
• Special rates may be withdrawn at any time.
• The comparison does not include all lenders in the market, such as credit unions or online mortgage providers.

Sources: NerdWallet Canada, Ratehub.ca, Forbes Advisor Canada

Selected options comparison

The following table compares key mortgage features across the five big banks. The rates are the special rates advertised as of the data collection date. Prepayment limits indicate the maximum amount you can pay off each year without penalty.

Sources: Royal Bank of Canada, NerdWallet Canada, Ratehub.ca