RBC Quietly Cuts 5-Year Fixed Rate to 4.89% — But Only for Select Clients

Toronto, ON — July 16, 2025 — In a move that caught borrowers by surprise, RBC has quietly reduced its 5-year fixed mortgage rate to 4.89% — but only for clients who explicitly ask for it or meet specific internal criteria, according to several borrower reports.
While RBC’s advertised rate remains unchanged on its website and rate sheets, Reddit users and brokers have confirmed the existence of the “unpublished rate” being offered behind the scenes. One Reddit commenter claimed, “My advisor didn’t mention it until I asked if they could match TD’s rate — then suddenly 4.89% was available.”

“This quiet rate cut could reflect RBC’s belief that the Bank of Canada’s key rate has likely bottomed, signaling limited room for further reductions.”

Mortgage experts believe this is part of a growing trend among big banks to avoid broad rate cuts that could spark pricing wars, while still retaining rate-sensitive clients.

“Lenders are increasingly targeting specific clients with silent discounts to maintain margin discipline,” said Toronto-based mortgage broker Jenna Rowe. “You need to negotiate. If you don’t ask, you won’t get it.”

This behind-the-curtain discounting also reflects pressure from non-bank lenders and credit unions that have been offering sub-5% fixed rates for weeks.
If you’re an RBC client nearing renewal or pre-approval, experts suggest calling or visiting a branch to inquire about rate-matching options, especially if you can show competitive offers from other lenders.

“If you’re shopping for a mortgage, it’s worth comparing RBC’s selective 4.89% offer to TD’s latest fixed rate to see who’s truly more competitive this week.”