RBC Offered Me 3.99% for 3 Years — Is That a Fair Mortgage Renewal Rate?
Help borrowers evaluate a specific RBC 3.99% 3-year fixed renewal offer before signing.
Quick answer
A 3.99% 3-year fixed renewal from RBC may be competitive or above benchmark depending on when the offer is made, your mortgage balance, province, insured or uninsured status, and current market conditions. The rate alone is not the full picture — structure, switching costs, and the rate gap cost all deserve a look before you sign.
FairRate summary
A Canadian mortgage renewal offer should not be judged by rate alone. The same offer can be fair, expensive, or negotiable depending on term length, rate type, insured status, province, remaining balance, amortization, lender structure, and current benchmark context. FairRate compares the offer against market context and estimates the dollar impact before the borrower accepts.
FairRate is paid by borrowers, not lenders. It does not sell your mortgage inquiry to lenders or brokers.
Why a specific rate needs context
A 3.99% offer from RBC on a 3-year fixed is only meaningful if you know what the comparable market rate is at the same time, for the same borrower profile, term, and province. Without that comparison, the number sounds reasonable but may still be above benchmark.
The structure question
If the renewal involves a HELOC component, combined debt, or a balance near 80% or 90% LTV, the rate comparison becomes secondary to the switching feasibility question. A rate that looks fair can still be worth checking if the total debt structure limits your alternatives.
What FairRate checks
FairRate uses your quoted rate, balance, term, province, and current benchmark data to show whether the offer appears fair, slightly high, or above market. The verdict is educational — you can use it as evidence when deciding whether to accept, negotiate, or compare.
Recent renewal offer examples FairRate can help check
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Start Free Check →Regulatory Disclaimer: FairRate Canada is an independent consumer-paid mortgage renewal rate-checking report. We are not a mortgage broker, lender, brokerage, or rate marketplace. We do not arrange mortgages, sell leads, collect lender commissions, or receive referral fees of any kind. We are not licensed under any provincial mortgage brokering legislation, including the Mortgage Brokerages, Lenders and Administrators Act (Ontario) or equivalent provincial statutes. Rate context uses public Canadian mortgage-rate data and Bank of Canada published data. Results do not represent a guaranteed rate, a rate offer, lender approval, or financial advice. Always consult a licensed mortgage professional before making any mortgage decision.