{"id":57915,"date":"2022-09-08T15:25:00","date_gmt":"2022-09-08T15:25:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/"},"modified":"2024-01-04T12:21:00","modified_gmt":"2024-01-04T17:21:00","slug":"will-rising-interest-rates-impact-my-variable-rate-mortgage","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/","title":{"rendered":"Will Rising Interest Rates Impact My Variable Rate Mortgage?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/inflation\/\">\n\t\t\t\t\t\t\t<span>Inflation<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Will Rising Interest Rates Impact My Variable Rate Mortgage?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2022-09-08T111804.663-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A small paper house sitting on a livingroom table\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2022-09-08T111804.663-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2022-09-08T111804.663-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TD-2022-09-08T111804.663-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Will Rising Interest Rates Impact My Variable Rate Mortgage? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published September 8, 2022 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Since March 2022, the Bank of Canada has been taking steps to raise interest rates in an effort to reduce inflation, cool the demand for goods and services and, in turn, make everyday life more affordable for Canadians. For homeowners with variable rate mortgages, there is justifiably some uncertainty about the immediate and long-term impact of rising rates on their mortgage and finances.<\/p>\n\n\n\n<p>Understanding the fundamentals behind variable rate mortgages and the effects of interest rate changes on your mortgage can help you make informed financial decisions that are best for you and your family.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A backgrounder: How do variable rate mortgages work?<\/h2>\n\n\n\n<p>Payments remain the same with standard variable rate mortgages regardless of fluctuating interest rates. When rates go down, more of the payment goes to the principal amount and less towards interest, enabling mortgage holders to pay off the mortgage sooner. When rates go up, the reverse happens: less of the mortgage payment goes towards the principal and more to interest, extending the amortization period to pay off your mortgage.<\/p>\n\n\n\n<p>When it comes time to renew a standard variable rate mortgage, the amortization schedule will be returned to its original timeline, resulting in a larger payment to compensate for the principal that would have been paid down had interest rates not increased.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Your mortgage options<\/h3>\n\n\n\n<p>If you&#8217;re concerned about the impact of changing rates on your mortgage costs and\/or the pace at which you&#8217;re paying it off, there are a few ways you can help offset the effects of this rising rate environment.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">1. Increase the amount of your regular mortgage payment<\/h4>\n\n\n\n<p>Increasing your mortgage payment can help reduce your principal mortgage balance, effectively lowering the impact of the increased interest rate. For example, with an RBC Variable Rate Mortgage, you can increase your regular mortgage payment by 10%. You may also be able to \u201cDouble Up&#8221; each payment by a minimum of $100 to a maximum of double the regular payment amount.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">2. Make an annual lump sum payment<\/h4>\n\n\n\n<p>If you have the available funds, an annual lump sum payment is a great way to help save on interest costs while shortening the length of your mortgage. Be sure to check if your lender applies the lump sum payment to your principal mortgage balance and not the interest.<b><\/b><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">3. Switch to a fixed rate mortgage<\/h4>\n\n\n\n<p>This option may appeal to homeowners who feel more comfortable with a fixed rate that is locked in, as it protects against any future rate changes and keeps the amortization timeline on track.<\/p>\n\n\n\n<p>Most lenders allow their mortgage holders to switch from a variable rate mortgage to a fixed rate mortgage equal to or greater than their remaining term. For example, if you have two years and four months remaining on your variable rate mortgage, you can switch to a three-year or longer fixed rate mortgage.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Bottom line<\/h4>\n\n\n\n<p>Homeowners with variable rate mortgages may be concerned about the impact rising rates can have on their finances, but it&#8217;s important to understand there are options available to help ease the uncertainty. A <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/\" target=\"_blank\" rel=\"noopener\">mortgage specialist<\/a> can provide advice and answers to help you manage your mortgage and make short-term and long-term plans that can offer confidence and stability.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-bbb13854-13d7-4774-bddb-9bffcf8b2d34\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Will Rising Interest Rates Impact My Variable Rate Mortgage? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/will-rising-interest-rates-impact-my-variable-rate-mortgage\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-48bf15ae-ba2c-4987-85d0-f9260854fb80\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/inflation\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Inflation<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" 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post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A smiling mother hugs her laughing daughter in a cozy kitchen, while another person prepares food in the background.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg 5472w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=1024,683 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/\">\n\t\t\t\t\t\tUnderstanding Loans\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/line-of-credit-wins\/\" class=\"card-title h4 mar-t-0\">Avoid Credit Trouble: How to Manage Your Line of Credit Wisely<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-bbb13854-13d7-4774-bddb-9bffcf8b2d34 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-bbb13854-13d7-4774-bddb-9bffcf8b2d34 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-48bf15ae-ba2c-4987-85d0-f9260854fb80 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-48bf15ae-ba2c-4987-85d0-f9260854fb80 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Have a variable rate mortgage? 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