Skip to main content

Choosing a Fixed Rate

Whether you're buying your first home, moving to a new home, or renewing an existing mortgage, choosing a fixed rate mortgage means you won't have to worry about future interest rate fluctuations during your mortgage term.

Get Locked-in Security With a Fixed Rate Mortgage

A fixed rate mortgage offers a specific interest rate that is fixed or "locked-in" for the term of the mortgage. That means you'll know exactly what to expect, including:

  • The interest rate of your mortgage
  • The amount of your regular mortgage payments
  • The portion of your payment that goes toward principal and interest
  • The amortization of your mortgage (how long it will take to pay it off)

Enjoy a Rate Guarantee

If you are arranging a new mortgage, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you'll still receive the lower rate — guaranteed.

And when it's time to renew, RBC will guarantee your mortgage interest rate for 30 days prior to your renewal date.

Choose What Works Best For You

With your choice of closed, open and convertible fixed rate mortgages from RBC, you can select the term that provides the level of security (and interest rate) that is right for you.

Payment Options

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.

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.

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

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

Renewing Your Fixed Rate Mortgage

Renewal time is a great opportunity to review your financial situation, and our goal is to help you choose the right mortgage options for your circumstances. When you're renewing a fixed rate mortgage during a time of rising interest rates, there may be some additional options you'll want to consider. Watch the video below to discover steps you can take now to help lower your mortgage payment before it's time to renew.

Don't have YouTube access?

Special Offer Rates and Terms

Below are current special offers1 for select fixed rate closed term mortgages:

Responsive Table Example
Term Rate APR
2 Year Fixed Closed 6.190% 6.250%
3 Year Fixed Closed 5.290% 5.330%
5 Year Fixed Closed 5.140% 5.170%

HomeProtector® Mortgage Insurance

It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.