Mortgage rates have climbed to 6.82% – the highest level since late February, and homebuyers are staying alert.
The rates moved between 6.11% and 7.52% in the last year. Some buyers can find better deals today. VA mortgage rates currently sit at 5.91%, while FHA rates remain close to 5.95%. These options give eligible buyers more affordable paths to homeownership. A $300,000 mortgage at the current average rate of 6.39% translates to monthly payments of $1,875. Homeowners will pay $374,839 in interest throughout the loan’s duration.
Our team analyzed 11 top lenders to help you secure the best home loan rates. This detailed piece examines current offers from traditional banks and online lenders. You’ll find special programs and ways to save money that will simplify your homebuying journey.
Chase Bank Home Loan Rates: Premium Service with Competitive Pricing
Image Source: Chase.com
Chase Bank is a major player in the mortgage world that offers competitive home loan interest rates and excellent customer service. Their mortgage rates get updated daily from Monday through Friday to give customers the latest information.
Chase’s Current Mortgage Interest Rates
The bank provides several mortgage options such as fixed-rate, adjustable-rate, jumbo, FHA, and VA loans. Their unique DreaMaker® mortgage needs just 3% down payment. Chase’s rates were 0.17 percentage points higher than the average prime offer rate in 2023. The bank ranks among the top lenders for competitive fixed-rate loans.
Special Discounts for Existing Customers
Chase’s Relationship Pricing Program helps customers save money. People with qualifying Chase and J.P. Morgan accounts can get rate discounts between 0.125% and 1% based on their account balances. Customers who maintain balances between $500,000-$999,999 can get a 0.125% discount. Those with $1 million or more receive a 0.25% discount. The bank also offers up to 0.125% rate reduction for employees’ friends and family members.
Chase Home Loan Application Process
Chase’s mortgage application has three main steps: prequalification, application/document preparation, and closing. The prequalification step requires details about your income, employment, and down payment amount. You’ll need pay stubs, W-2 forms, bank statements, and a signed purchase contract for the official application. The bank’s closing guarantee ensures qualified customers get their closing done in three weeks or receive $5,000.
Pros and Cons of Chase Mortgage Products
Pros:
- Customer satisfaction ratings are exceptional (4.95/5 on Zillow with over 8,450 reviews)
- Down payment options start at 3% with DreaMaker and Standard Agency loans
- Qualifying borrowers can receive homebuyer grants up to $7,500
Cons:
- Online live chat support isn’t available
- Branch locations offer different in-person services
- You must talk to a home loan expert before completing the online application
Bank of America Mortgage: Relationship Banking Benefits
Image Source: Bankrate
Bank of America rewards its customers with great perks that cut down mortgage costs through its detailed banking ecosystem. Customers who join the Preferred Rewards program get even better deals on their home loans.
Bank of America’s Home Loan Interest Rates Today
Bank of America’s mortgage rates as of March 2025 look like this: 30-year fixed loans stand at 6.750% (7.007% APR), 20-year fixed at 6.500% (6.891% APR), and 15-year fixed mortgages at 5.750% (6.221% APR). The 5/6 ARMs start at 6.500% with APRs between 7.070% and 7.169%. These rates apply to borrowers with excellent credit scores above 740 and are based on a $200,000 loan in ZIP code 95464.
Preferred Rewards Program Discounts
The bank’s Preferred Rewards program rewards customers based on their total balance in Bank of America deposit and Merrill investment accounts. Members save on origination fees – Gold tier saves $200 while Platinum Honors tier saves $600. Diamond tier members get a 0.25% rate cut, and Diamond Honors members save 0.375% with PayPlan automatic payments. Members typically boost their yearly benefits to $500 through this program.
First-Time Homebuyer Programs
The Community Homeownership Commitment helps first-time buyers get into homes. Their Affordable Loan Solution mortgage needs just 3% down and comes with competitive rates. The Down Payment Center opens doors to more savings – qualified buyers can get up to $7,500 for closing costs through America’s Home Grant and up to $10,000 (3% of purchase price) through the Down Payment Grant program. New buyers can learn from experts through the First-Time Homebuyer Online Edu-Series.
Digital Application Experience
The Digital Mortgage Experience puts you in charge of your home loan journey. You can check how much you might borrow, apply for new mortgages, or refinance existing ones online. The system makes things easier by filling in your details from your Bank of America accounts automatically. Best of all, you could get conditional approval the same day you apply.
Rocket Mortgage: Tech-Forward Home Loans with Speed
Image Source: Rocket Mortgage
Rocket Mortgage leads the nation’s mortgage lending market by pioneering the all-online loan application. Traditional banks can’t match the speed and convenience of their digital-first strategy.
Rocket’s Current Housing Interest Rates
Rocket Mortgage rates sit above market averages. Their 30-year fixed purchase rate reaches 7.125% (7.476% APR) with 2.25 points at $6,187.50 as of April 8, 2025. Refinancing rates drop slightly to 6.75% (7.057% APR). Some specialized products show better competitiveness, like their 30-year FHA loans at 6.375% (7.275% APR).
Online Application and Approval Process
The company’s efficient digital platform starts with a simple online application that reviews your eligibility. You get actual interest rates instead of estimates after submission. New customers receive prequalified approval quickly through a hard credit check. Those wanting stronger offers can get a Verified Approval with complete income and asset verification. Applications typically close within 30-45 days.
Rate Lock Options
Rocket Mortgage’s rate lock protection stands out by securing your interest rate between application and closing. Rate locks last 15-60 days based on your location, loan type, and terms. Notwithstanding that, expired locks might lead to extension fees – usually a percentage of the total loan amount. Rate locking gives borrowers security against rising rates in today’s volatile market.
Customer Service Experience
Rocket Mortgage ranks high in customer satisfaction despite their above-average rates, according to J.D. Power’s 2024 mortgage origination satisfaction study. The company holds more J.D. Power awards than any mortgage servicer from 2002-2024. Customer opinions vary – many customers love the continuous connection and knowledgeable staff, while others express concerns about communication and pricing clarity.
Wells Fargo Home Mortgage: Established Lender with Diverse Options
Image Source: Good Financial Cents
Wells Fargo brings a rich legacy in banking since 1852 to the mortgage market. The bank offers many home loan options and relationship-based perks. Their mortgage products serve borrowers of all types, from first-time homebuyers to those needing jumbo loans.
Wells Fargo’s Mortgage Interest Rates Today
The bank’s mortgage rates show competitive market positioning. As of April 8, 2025, their 30-year fixed-rate mortgage stands at 6.625% (6.767% APR) with $2,400 in points. Borrowers looking for shorter terms can get a 15-year fixed rate at 5.500% (5.764% APR) with $3,200 in points. Veterans have access to 30-year VA loans at 6.000% (6.208% APR). The bank also offers adjustable-rate options like the 10/6-month ARM at 6.375% (6.764% APR).
Rate Reduction Strategies
Wells Fargo helps customers get lower interest rates through their relationship banking model. The bank rewards customers with substantial discounts based on their assets:
- $250,000 in assets: 0.125% rate discount
- $500,000 in assets: 0.250% rate discount
- $1 million in assets: 0.500% rate discount
- Higher tiers available up to 1.250% discount for $50 million+
Borrowers can also recast their loan. This option recalculates monthly payments using the reduced principal balance at the current interest rate over the remaining term. You might pay more interest over the full mortgage term, but your monthly payments will be lower.
Jumbo Loan Specialization
The bank has dedicated teams that work only on jumbo mortgages. These larger loans help buyers in high-cost areas or those needing financing beyond conventional loan limits. Jumbo options come with fixed-rate mortgages for stability and ARMs with protective caps. The caps include 2% for first adjustment, 1% for future adjustments, and 5% lifetime. These loans work for primary homes, second homes, or investment properties.
Branch vs. Online Experience
The bank combines digital ease with personal service. Their online mortgage dashboard lets you manage loans, track balances, view amortization schedules, and monitor neighborhood values. Customers can plan payoff goals, explore different scenarios, and handle their home’s equity online. Branch locations provide face-to-face help for those who want personal guidance. This mixed approach works great for Wells Fargo customers who like having all their accounts in one place.
Better.com: Commission-Free Online Mortgage Lender
Image Source: Better Mortgage
Better.com works differently from traditional lenders. They operate as a fully digital mortgage provider without loan officer commissions in their business model. Their optimized approach gives customers a faster and more transparent home loan experience.
Better.com’s Current Home Loan Rates
Better.com adjusts their mortgage interest rates daily based on market conditions. While rates change often, they offer competitive options without the origination fees that traditional lenders charge. Borrowers can check current rates on their website without affecting their credit score. The company gives customized rate estimates in seconds, which beats the industry’s standard three-day wait time.
No-Fee Structure Explained
Better.com’s business model revolves around their commission-free structure. Most mortgage lenders charge both lender and third-party fees. However, Better.com removes all lender origination fees, application fees, and underwriting fees. Borrowers save money throughout their loan term with this approach. The model succeeds because Better uses technology instead of commissioned loan officers to handle applications.
Pre-Approval Process
Better.com makes pre-approval quick and simple:
- You can get pre-approved in just 3 minutes
- The original process uses a soft credit pull that won’t affect your credit score
- You get an editable pre-approval letter to share with agents
They have two pre-approval types: simple (based on stated income and soft credit pull) and verified (with document review). The verified option gives you better standing in competitive markets where sellers need full vetting.
Refinancing Options
Better.com gives you rate-and-term and cash-out refinancing choices. Rate-and-term refinancing helps you get better loan terms and might lower monthly payments or change loan types. Cash-out refinancing lets homeowners turn their equity into usable capital. Their digital platform handles the entire refinance process online and closes loans faster than traditional lenders.
Guaranteed Rate: Transparent Pricing and Fast Closings
Image Source: Guaranteed Rate
Guaranteed Rate distinguishes itself in the packed mortgage market through its tech-driven approach and quick loan processing. Borrowers can secure financing quickly and clearly through their digital-first strategy.
Guaranteed Rate’s Current Interest Rates
The national average mortgage rate sits at 6.594% as of April 7, 2025. Guaranteed Rate’s competitive pricing changes based on credit score, loan type, and down payment amount. First-time homebuyers can get down payment assistance up to $2,000 or 2% of the required 3% minimum down payment for conventional loans—whichever is lower. The website displays updated interest rates daily, so borrowers can compare options without sharing personal information.
Digital Mortgage Platform
Guaranteed Rate’s Digital Mortgage platform is the life-blood of their success that automates vital steps like income verification and underwriting. This tech-driven system provides:
- Instant three-bureau credit score access for accurate rate quotes
- Secure document uploading and digital signing capabilities
- Immediate approval through automated underwriting systems
- Mobile app functionality for 24/7 loan management
Their Rate Intelligence system has handled over $15.5 billion across more than 40,000 loans in the last two years. This automation saves borrowers $900 to $1,200 per loan and reduces human error.
Rate Match Guarantee
Guaranteed Rate’s Rate Match Guarantee promises to match competitors’ rates or provide compensation to cost-conscious borrowers. Customers gain confidence they’re getting the best possible terms without extensive shopping around. This program shows the company’s steadfast dedication to clear pricing and competitive positioning in today’s changing market.
Customer Satisfaction Metrics
Guaranteed Rate claims a 97% client satisfaction rating from 2023 surveys. The company scored nowhere near the average in J.D. Power’s 2024 U.S. Mortgage Origination Satisfaction Study with 693 out of 1,000 points (industry average: 727). Notwithstanding that, their Zillow customer reviews shine at 4.96 out of 5 stars from more than 21,000 reviews. Qualified applicants can get approved within one business day through their Same Day Mortgage program, with closings possible in as few as 10 days—much faster than industry standards.
Navy Federal Credit Union: Best Rates for Military Families
Image Source: Navy Federal Credit Union
Navy Federal Credit Union stands out by offering specialized mortgage products for military members, veterans, and their families. As a top 5 VA lender, NFCU knows what service members need financially and gives them exclusive benefits to make home buying easier.
NFCU’s Home Loan Interest Rates Today
Navy Federal’s mortgage rates are very competitive right now, especially for VA loan products. These loans have lower rates than conventional loans. Yes, it is true that VA-guaranteed fixed interest rate loans are known to have “the lowest interest rates around”. This makes NFCU a great choice for service members who want budget-friendly financing options.
Military-Specific Benefits
Service members can get exclusive perks through NFCU’s VA loans, which have backing from the Department of Veterans Affairs. These loans are only available to qualifying service members, veterans, and surviving spouses. The benefits include:
- No need for private mortgage insurance (PMI), which saves money upfront
- Sellers can contribute up to 4% toward qualifying closing costs
- Better options for people with limited housing budgets
- You might get approved even with a less-than-perfect credit score
The Military Choice Loan is also available for service members who have used up their VA loan benefit.
Zero Down Payment Options
NFCU shines with its no-down-payment choices. VA loans come with 100% financing and zero money down. The Military Choice Loan needs no down payment in most states. First-time buyers can choose the Homebuyers Choice Loan – another option that needs no money down and helps save on upfront costs. These programs help military families buy homes without spending years saving for a down payment.
Membership Requirements
You’ll need to become a Navy Federal member to get these mortgage benefits. Service members, veterans from any military branch, Department of Defense employees, and their immediate family and household members can join. The sign-up process just needs your personal information and a way to fund your account. You’ll also need a Savings Account with a small $5 minimum balance.
Ally Bank: Competitive Online Mortgage Options
Image Source: Investopedia
Ally Bank and Better.com created a fully digital mortgage experience. However, they plan to stop offering home loan products after January 31, 2025, with final closings due by May 27, 2025.
Ally’s Current Mortgage Rates
Before ending their mortgage services, Ally provided competitive interest rates for conventional and jumbo loans with fixed and adjustable-rate options. Customers valued Ally’s clear pricing with no lender fees, which meant no origination, application, or underwriting charges that other banks typically require. Current Ally customers could save up to $500 on closing costs if they applied within 30 days of their mortgage closing date.
Digital Application Experience
Through collaboration with Better.com, Ally built an efficient online mortgage process. Customers could get pre-approval in three minutes and secure rates in about ten minutes. The digital platform let borrowers handle their home loans completely online. Qualified applicants could receive mortgage approval within 24 hours after locking their rate.
Customer Support Quality
Customer satisfaction data shows mixed feedback. Ally received 1.4 out of 5 stars from 223 customers on Trustpilot and didn’t make it to J.D. Power’s top mortgage lenders in their 2023 satisfaction study. Support options for current borrowers include:
- Home loans in progress: 1-855-256-2559 (Mon-Fri 9am-9pm ET, Sat 10am-4pm ET)
- Existing mortgages: 1-866-401-4742 (Mon-Fri 8:30am-8pm ET, Sat 8:30am-1pm ET)
Refinancing Specialties
Ally provided rate-and-term and cash-out refinancing options during their operation. Rate-and-term refinancing helped customers get better loan terms and possibly reduce monthly payments. Cash-out refinancing let homeowners tap into their accumulated equity with a larger mortgage. Refinancing closing costs typically ranged from 3% to 6% of the total loan amount.
PenFed Credit Union: Member-Focused Mortgage Products
Image Source: PenFed Credit Union
Pentagon Federal Credit Union rewards its borrowers with exclusive rates and benefits through various mortgage options tied to their membership model.
PenFed’s Housing Interest Rates
PenFed Credit Union’s mortgage rates remain competitive. Their 30-year fixed-rate mortgage stands at 5.500%. The rates beat the market average compared to other lenders. The credit union stands out with six unique adjustable-rate mortgage choices and eight fixed-rate mortgages. PenFed excels in VA loans and originates substantially more VA loans than typical lenders. Borrowers can get better terms by buying down their rate through mortgage points. Each point purchased typically reduces the rate by an eighth to a quarter percent.
Membership Benefits
PenFed membership brings great advantages on mortgage products. The credit union now welcomes anyone who opens a savings account with just $5, moving beyond its roots serving military members and government employees. Members earn monthly dividends that get compounded and credited to their accounts. Home buyers can receive up to $1,500 in credit at closing when they work with a PenFed-affiliated agent. The Power Buyer Certification program helps strengthen offers to sellers by providing full underwriting in advance, proving pre-approval.
Loan Types and Specialties
PenFed’s mortgage portfolio has:
- Conventional loans (fixed and adjustable rates)
- FHA loans with down payments as low as 3.5%
- VA loans with no down payment requirements
- Jumbo loans from $766,550 up to $3 million
- Home equity lines of credit (HELOCs)
Application Requirements
Joining the credit union marks the first step in PenFed’s mortgage application process. Required documents include identification, tax records, bank statements, pay stubs, debt and asset statements, and gift letters for gifted funds. PenFed differs from competitors by not offering online prequalification. They provide preapproval with rate locks lasting up to 60 days instead. Applicants should expect a hybrid process that starts online but requires offline steps too.
SoFi: Tech-Driven Mortgages with Member Benefits
Image Source: SoFi
SoFi stands out with a member-centric banking model that gives special benefits to mortgage borrowers. Their digital platform combines efficient technology with exclusive perks for existing customers who want competitive home loan options.
SoFi’s Current Home Loan Rates
SoFi’s mortgage interest rates target creditworthy borrowers. The lowest rates go to applicants with excellent credit scores. The lender requires a minimum loan amount of $75,000. Potential rates can be checked with a soft credit pull that won’t affect your credit score. A hard pull happens only if you move forward with your application. Their mortgage products include conventional loans with competitive terms. Specific rates change based on market conditions and individual qualifications.
Member Discounts and Perks
SoFi members get substantial savings that include:
- $500 discount off the standard $1,495 origination fee for first-lien mortgages
- $200 discount off the $1,295 origination fee for home equity loans
Members get more than mortgage savings. They receive free financial planning with credentialed advisors, referral bonuses, and exclusive partner offers through Trust & Will for estate planning. Members with eligible direct deposits can earn higher interest rates of 3.80% APY on savings balances.
First-Time Homebuyer Programs
First-time homebuyers can take advantage of SoFi’s available entry points into homeownership. The program lets buyers put down as little as 3-5%. This makes homeownership possible without large savings. Quick prequalification gives first-time buyers confidence. SoFi’s educational resources include calculators that help estimate monthly payments, determine affordability, and project mortgage payoff timelines.
Approval Process and Timeline
A three-minute prequalification starts the mortgage preapproval process with a soft credit check. SoFi then provides two preapproval options: simple (using stated income) or verified (with document review). Verified preapprovals help buyers compete in markets where sellers want full financial vetting. Borrowers can track their application through SoFi’s digital platform. This makes document submission and tracking efficient.
New American Funding: Flexible Underwriting for Diverse Borrowers
Image Source: The Mortgage Reports
New American Funding stands out by using custom underwriting practices that help borrowers who don’t fit traditional financial profiles. They prefer to look at each case individually rather than rely on rigid automated systems.
New American’s Current Interest Rates
New American Funding offers competitive home loan interest rates for loan products of all types as of April 8, 2025. Their 30-year fixed rate is 6.125% (6.436% APR), and the 15-year fixed rate comes in at 5.500% (6.008% APR). Government-backed options include FHA 30-year fixed rates at 5.750% (6.960% APR) and VA 30-year fixed rates at 5.750% (6.402% APR). These rates apply to primary residence purchases with excellent credit (minimum FICO 740).
Manual Underwriting Advantages
New American Funding takes a comprehensive approach to manual underwriting through the “4 C’s”: capacity, capital, credit, and collateral. Their human-centered method gives more flexibility to applicants whose unique situations might get rejected by automated systems. Underwriters look beyond credit scores to study income patterns, assets, and employment history when deciding loan eligibility. This personal review often reveals strengths that computer-based decisions might overlook.
Programs for Self-Employed Borrowers
New American offers specialized mortgage solutions to more than 10 million self-employed Americans. Their Non-QM loans accept different ways to verify income:
- Bank statements (6 or 12 months of personal or business accounts)
- One-year tax returns (for those self-employed at least two years)
- Asset depletion for borrowers with substantial investments
Cultural Outreach Programs
New American Funding shows its steadfast dedication to diverse communities through targeted initiatives. Their NAF Black Impact program aims to provide $20 billion in new mortgages to Black homebuyers by 2028. The Latino Focus initiative adapts lending practices to handle cultural differences and financial hurdles that Hispanic communities often face. These programs include special loan products with flexible criteria that recognize non-traditional income sources common in diverse populations.
Comparison Table
| Lender | 30-yr Fixed Rate* | Min Down Payment | Special Features/Benefits | Customer Service Rating | Digital Capabilities |
|---|---|---|---|---|---|
| Chase Bank | APOR + 0.17% | 3% | Rate discounts up to 0.25% for high-balance customers; $5,000 closing guarantee | 4.95/5 on Zillow | No online chat; Must speak with expert before online application |
| Bank of America | 6.750% (7.007% APR) | 3% | Up to 0.375% rate reduction for Diamond members; Up to $7,500 in grants | Not mentioned | Same-day conditional approval; Digital mortgage experience |
| Rocket Mortgage | 7.125% (7.476% APR) | Not mentioned | Rate lock protection; Multiple J.D. Power awards | Highest J.D. Power satisfaction ratings | Full digital application; Quick pre-approval |
| Wells Fargo | 6.625% (6.767% APR) | Not mentioned | Up to 1.250% rate discount for high-value relationships | Not mentioned | Hybrid digital/branch experience; Online dashboard |
| Better.com | Not mentioned | Not mentioned | No lender fees; No origination fees | Not mentioned | 3-minute pre-approval; Fully digital process |
| Guaranteed Rate | Not mentioned | 3% | Rate match guarantee; Up to 2% down payment assistance | 4.96/5 on Zillow | Digital mortgage platform; Same-day approval |
| Navy Federal | Not mentioned | 0% for VA loans | No PMI; Special military benefits | Not mentioned | Not fully digital process |
| Ally Bank** | Not mentioned | Not mentioned | No lender fees; $500 closing cost discount | 1.4/5 on Trustpilot | 3-minute pre-approval; Fully digital |
| PenFed | 5.500% | Not mentioned | Up to $1,500 closing credit; Member dividends | Not mentioned | Hybrid process; No online pre-qualification |
| SoFi | Not mentioned | 3-5% | $500 off origination fee; Free financial planning | Not mentioned | 3-minute pre-qualification; Digital platform |
| New American Funding | 6.125% (6.436% APR) | Not mentioned | Manual underwriting; Special programs for diverse communities | Not mentioned | Not mentioned |
*Rates as of April 2025 **Discontinuing mortgage services as of January 31, 2025
Conclusion
The mortgage market today has its share of challenges and opportunities for homebuyers. Regular loan rates sit at 6.82%, while VA mortgages provide better rates at 5.91%.
Our analysis shows each lender’s strengths. Chase Bank and Bank of America reward their existing customers with lower rates through relationship banking perks. Rocket Mortgage and Better.com shine with their online approach but charge higher rates. Navy Federal’s VA loans work great for military families. New American Funding helps a variety of borrowers get approved through manual underwriting.
Your ideal mortgage depends on what you need. Banks with physical locations might suit you better if you prefer in-person service and have large deposits. Online lenders can reduce your costs and save time if you’re ok with digital processes. New homebuyers should look into programs that help with down payments and lower fees.
Note that rates are just one piece of the homebuying puzzle. Think about each lender’s complete offering – their fees, closing costs, service quality and special programs. Compare several offers carefully and understand what they mean. Pick a mortgage that fits your financial future.
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