Yahoo Finance·2025-11-03 17:08Core Insights - Four of the top ten mortgage lenders are currently offering rates just below 6%, which is one less than the previous week [1] - The survey ranks lenders based on the lowest annual percentage rate (APR), which includes lender fees [1][2] Mortgage Rates Overview - Four lenders have maintained 30-year fixed mortgage rates below 6% since mid-November: Navy Federal Credit Union, Citi Mortgage, PenFed Credit Union, and Chase Home Loans [3] - The national average rates, as reported by Freddie Mac, remain above 6%, indicating that borrowers can achieve significant savings by comparing multiple lenders [3] Lender Rankings - Among the 16 lenders surveyed, Bank of America, Fifth Third Bank, PNC, Flagstar Bank, Rocket Mortgage, and Third Federal did not make the top 10 based on APR [4] - The top lender, Navy Federal, had an APR that was 1.189 percentage points lower than Third Federal, which ranked at the bottom of the list [4] Shopping for Mortgage Rates - Borrowers can save an average of $44,000 over the life of a 30-year loan by shopping around for mortgage rates [7] - The APR is emphasized as the most important figure, as it includes both the interest rate and lender fees, providing a more accurate measure of annual borrowing costs [8] Discount Points and Offers - Discount points are an option for borrowers to lower their interest rates, where one point equals 1% of the loan amount and typically reduces the interest rate by about 0.25% [10] - Lenders are increasingly offering special discounts on interest rates and fees, such as Citi Mortgage's $500 off closing costs and Chase's guarantee of on-time closing or a $5,000 payment [12] Simplifying the Process - When comparing rates from multiple lenders, it is recommended to request quotes with zero discount points and focus on the APR for a clearer comparison [13] - The methodology for determining the lowest rates is based on sorting by APR, which includes both interest rates and lender fees [14]