As 10-year Treasury yields hit three-year highs, national mortgage lenders are seeing APRs climb above 7%, forcing borrowers to compare fees and discount points to secure competitive financing.
Truist Bank ranked 5th with an APR of 6.909% in the weekly survey of lowest mortgage rates.
Chase Home Lending ranked 6th with an APR of 6.929% in the weekly survey of lowest mortgage rates.
Citizens Bank ranked 7th with an APR of 6.965% in the weekly survey of lowest mortgage rates.
Citi Mortage ranked 8th with an APR of 6.965% in the weekly survey of lowest mortgage rates.
Fith Third Bank ranked 9th with an APR of 7.167% in the weekly survey of lowest mortgage rates.
Wells Faro ranked 10th with an APR of 7.251% in the weekly survey of lowest mortgage rates.
Bank of America ranked 11th with an APR of 7.299% in the weekly survey of lowest mortgage rates.
PNC Bank ranked 13th with an APR of 7.376% in the weekly survey of lowest mortgage rates.
Rocket Mortage ranked 14th with an APR of 7.423% in the weekly survey of lowest mortgage rates.
Flagstar Bank (New York Community Bank) did not report new rates at the time of the survey, falling outside the top 10.
U.S. Bank did not report new rates at the time of the survey, falling outside the top 10.
Rising 10-year Treasury yields are pushing mortgage rates higher, with several major national lenders now reporting APRs exceeding 7%. While some institutions remain in the mid-6% range, the gap between top-tier and bottom-tier lenders has widened, highlighting the critical importance of shopping around for the best loan terms.
The APR provides a more accurate measure of annual borrowing costs because it includes both the interest rate and mandatory lender fees, such as origination fees.
Discount points are prepaid interest paid at closing to lower your interest rate. While they can reduce monthly payments, they are optional and should be evaluated against the total upfront cost.