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Personal Banking > Mortgages > View All Mortgages > Variable Rate Mortgage

RBC Royal Bank® Variable Rate Mortgage

You are on: Features and Benefits

With an RBC Royal Bank Variable Rate Mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate. If our prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs.

Our Variable Rate Mortgage is Convertible

A convertible mortgage can be converted to another term at any time. This feature provides you with security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.


Competitive Interest Rates

Variable rate mortgages typically offer a lower interest rate than fixed rate mortgages. As interest rates decline, you could pay off your mortgage faster and save money on reduced interest costs.


Fixed Payments for the Mortgage Term

Your monthly payment remains fixed even if interest rates rise, as long as the amount is sufficient to cover the interest cost.

You are on: Payment Options

Choose an Open or Closed Mortgage

With a variable rate mortgage, you have the flexibility of choosing between an open mortgage and a closed mortgage.


Select Your Payment Schedule

When you first set up your mortgage, you can choose from several payment options, including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payments.


Choose Your Amortization Period

At RBC Royal Bank, you can select an amortization period between 5 and 30 years. This is the length of time it will take to pay off your mortgage if the interest rate does not change.


Pay Down Your Mortgage Faster

You can also reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by:


Enjoy Other Flexible Payment Options

If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months:

You are on: Rates and Terms

Variable Rate Mortgages

Below are current posted rates for our open and closed variable rate mortgages:

Term Posted Rate(1) Special Offers(2) APR


5 Year RBC Prime Rate
+ 0.000%
RBC Prime Rate
- 0.100%


5 Year RBC Prime Rate
+ 1.550%

Today's Royal Bank of Canada Prime Rate:

Today's Royal Bank of Canada Prime Rate:
RBC Prime Rate 2.700%

Learn More


1. Interest rate is compounded monthly, not in advance. This rate may change at any time without notice. Royal Bank of Canada prime rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its prime rate.

For mortgages approved on or before January 31, 2017 funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate. Offer may be changed, withdrawn or extended at any time, without notice.

Applicable to residential mortgages only and subject to Royal Bank of Canada lending criteria for residential properties. Some conditions apply. Offer may be changed, withdrawn or extended at any time, without notice.


Start Your Online Mortgage Pre-Approval

Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC® mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.

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