U.S. Bank publishes current mortgage rates in daily updated tables that borrowers can search by state or loan term, the bank says.
The published rates assume a FICO Score of 740 or higher, except 680 or higher for FHA loans, and specific down payments tied to each product.
The figures apply to purchases of single family primary residences and assume the buyer may purchase up to one mortgage discount point to lower the interest rate.
U.S. Bank lists common loan types including conventional fixed rate, adjustable rate, FHA, VA and jumbo loans and invites borrowers to compare those products.
The bank cautions that the tables show rates, APRs, monthly payments and points as current as of the site timestamp and that those numbers may change at any time.
The APR represents the true yearly cost of a loan by including fees and other costs, and U.S. Bank notes APRs for adjustable rate mortgages can increase after closing.
Rates shown reflect a 45 day lock assumption, the bank says, but they are not guaranteed and do not constitute a credit decision or commitment to lend.
To lock a rate applicants must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer, which can be done by phone, online or in person.
Applicants may call 888-291-2334 to begin an application, the bank advises.
How Borrowers Should Compare And Protect Rates
U.S. Bank urges shoppers to look beyond the headline interest rate and to compare APRs, fees and closing costs when evaluating offers.
The lender says mortgage rates move daily and are influenced by the Federal Reserve, the wider economy and consumer demand, while individual factors also matter.
Credit score, down payment, income, loan size, property value, geographic location and occupancy can all affect the final rate a borrower receives.
The bank recommends considering a rate lock when rates are trending up, ahead of a Federal Reserve meeting, when a borrower wants payment certainty, or when a closing date is set.
Typical lock periods range from 30 to 60 days, and U.S. Bank warns a lock can be voided if credit, loan amount, debt to income ratio or appraisal results change.
Borrowers may negotiate with multiple lenders and can pay mortgage points to lower rates; one point equals about 1 percent of the loan amount, the bank illustrates.
For Minnesota properties a written confirmation is required to guarantee a rate under Minnesota Statute 47.206, U.S. Bank states, and mortgage and deposit products are offered through U.S. Bank National Association.
The bank is a Member FDIC and an Equal Housing Lender, the disclosures say.
