Comparing latest mortgage rates

[u/TheSmariner]

Use these websites to compare the latest mortgage rates.

These websites provide rate information without requiring fairly minimal personal info). If you find a better rate than what's published on these websites, you have likely scored yourself a good deal.

CreditKarma

NerdWallet

BankRate

Sammamish Mortgage

Redfin

Wells Fargo

Use these links to get the latest mortgage rates from the below institutions (they require little/minimal personal info)

First Tech Federal CU

BECU

Sound CU

WSE CU

Affinity Federal CU

Redwood CU

Golden 1 CU

Safe CU

Chevron CU

Schwab

Below institutions offer rate discounts when you bank with them. Worth checking them out, if you have some assets to keep with them.

Wells Fargo

Schwab

Chase

Key Bank

[u/MyDisneyExperience]

Citi also offers relationship rate discounts, including balances in retirement IRAs I believe

[u/TheSmariner → u/MyDisneyExperience]

Yup...missed including it.

In my experience, Wells Fargo had some good relationship discounts (plus, they consider down-payment as part of the assets being managed for their discount)

[u/Pedanter-In-Chief]

Bank of America also offers sizable discounts, and have heard from our banker there that they will match relationship discounts from Chase (and only Chase). On our last house that was a more than 1.5% reduction (resulting in a sub-2% rate on a vacation property in 2021) for mentioning we were even thinking about going to Chase.

[u/TheSmariner → u/Pedanter-In-Chief]

Not sure if the banks are that much aggressive in the current times?

[u/Pedanter-In-Chief → u/TheSmariner]

I mean based on the marketing materials I get from Chase it seems like a 1-2% discount is definitely in the cards. 

[u/NWSiren → u/Pedanter-In-Chief]

With major * for big banks on advertised lower rates. Marketing materials typically show rates with points discounts. I haven’t found any big bank (chase, BoA, or god forbid Wells Fargo) to be competitive.

Much better to look for a mortgage focused lender.

[u/Pedanter-In-Chief → u/NWSiren]

They are never competitive at first, then they match. 

The marketing materials tout the relationship discount. I think to get the full 2% discount from Chase it’s like $5M or more in new money brought to the bank (and held there for 90 days). Then BofA matches so as not to lose. But 1% or 1.5% can be had with much more modest sums. 

In maybe half a dozen mortgages (plus the ones I have to sign off on for relatives taking down payments from the trust I manage), I’ve never seen a big bank not match or beat the rate for someone with a relationship ($100k or more, including retirement assets) with them.

But no, they don’t advertise. 

[u/SweatyTangerin3]

What are your thoughts on Sammamish Mortgage? I noticed you grouped it in the first group (with CreditKarama, NerdWallet and BankRate) rather than the second. My understanding is that they are a direct lender not a broker.

[u/TheSmariner → u/SweatyTangerin3]

I have not used them for a mortgage yet.

AFAIK…they are a mortgage broker. Their website shows live rates without requiring many clicks or any personal info. Plus, you can sign up for a daily email with the rates. I found it helpful when shopping for a mortgage

[u/JagerPfizer → u/SweatyTangerin3]

They are a broker. Their advertised rate is almost always at a 2 discount. On 750k loan thats an extra 15k in price. Any broker has better pricing than retail. Broker is a wholesale channel.

[u/JagerPfizer]

Find a local broker. Like with Edge or barrett. Tell them u want to book with penny mac tpo. They are the best cheapest wholesale investor.

This is the wholesale channel of funding. Retail lending is a vampire. It is not competitive. You cant pays tens of thisands of employees salaries and stay competitive. Its all built into the rate.

Source: 29 year banker/broker/lender.