Digital News Report – Typically mortgage brokers will advertise the lowest mortgage rates, even lower than banks. In some cases their rates are lower because they charge up-front fees and closing costs.
Most borrowers are looking for loans with no closing costs or points.
Many of the loan brokers we monitor have offices throughout the United States. Their interest rates will vary according to location. Here in Santa Cruz we found a low rate of 4.651% by Nations Choice Mortgage. Although they have zero points, the company tells Digital News Report that there is $500 in fees built into the loan. Our survey found that they had the lowest purchase mortgage rate.
Refinance rates may be higher than purchase mortgage rates. Other variables include the credit score of the borrower, the location of the home and the loan amount.
Quicken Loans had a rate of 5.00% today. The company says they have zero points but there are fees built into the APR of $2,331.
Greenlight Financial Services had a rate of 5.019%. The company says they have $300 in fees built into their loan.
Ditech, another large mortgage broker, had a rate of 5.125%. They had no fees built into their APR and no points.
By Tina Brown