Mortgage Rate Survey
Rate Survey 04-25-08



Bank of America
Chase
Countrywide
Mortgage Mentor
Wells Fargo
6.250
6.000
6.000
6.000
6.125

1.040
1.000
1.000
0.970
1.000

6.358
6.123
6.164
6.110
6.353
For: Fixed Rate, 80% LTV,  $340,000 Loan
Company      Rate      Point    APR
680 FICO was used to obtain rates.
866.204.9733

THE MORTGAGE MENTOR


Rate Survey 06-13-09



Bank of America
Chase
Ditech
Mortgage Mentor
Wells Fargo
5.625
5.625
NA
5.250
5.625

0.875
1.125
NA
1.000
1.000

5.780
5.811
NA
5.578
5.824
For: Fixed Rate, 80% LTV,  $175,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
Ditech mortgage rates were not available on-line and when called refused to provide rates without first obtaining an application.
See Stealth Shopper for full story

Screen shots of on-line rates are available upon request.
The 0.375% rate difference between the Mortgage Mentor, a broker, and "Direct Lenders" was surprising.  That is a huge spread and caused me to double check all the quotes.   The mortgage rates are correct and can be supported with screen shots and rate sheets.   This is the largest rate spread I have seen and points out the advantage of a mortgage broker over a direct lender.
Disclosure:  The mortgage rates in the above surveys are true and documented but please note that the Bill Ladewig conducted the survey and is a competitor of the lenders surveyed.  The opinions expressed on this page belong to me and not to any other person or company.
Rate Survey 07-18-09



Bank of America
Chase
Ditech (see note)
Mortgage Mentor
Wells Fargo
5.250
5.250
5.250
5.000
5.250

1.375
1.375
1.425
1.000
1.000

5.447
5.455
5.418
5.197
5.444
For: Fixed Rate, 80% LTV,  $175,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
Ditech: Rates are as of 07-16-09 and based on a $250,001 loan amount.
See Stealth Shopper for full story

All rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
The spread shrank a little from my last survey on June 13th but the 0.250% rate difference between Mortgage Mentor, a mortgage broker, and "Direct Lenders" was still huge.
Rate Survey 08-14-09



Bank of America
Chase
Ditech (see note)
Mortgage Mentor
Wells Fargo
5.250
5.125
5.375
4.875
5.125

1.000
1.000
1.275
1.000
1.000

5.413
5.270
5.532
5.197
5.318
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Ditech: Rates are as of 08-13-09 and in the small print their rate is 5.50% and large print 5.375% for the same points and APR.  Today, being charitable, I went with their lower rate.
    All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Your Mortgage Mentor
California Home Loans Since 1970
Rate Survey 09-01-09



Bank of America
Chase
Ditech
Mortgage Mentor
Wells Fargo
5.125
5.125
5.125
4.750
5.125

1.000
1.000
1.525
1.000
1.000

5.286
5.270
5.303
4.916
5.318
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Wells Fargo APR is based on a $175,000 loan amount
    All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.


Rate Survey 09-07-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.000
5.000
5.125
4.875
5.250
5.125

1.125
1.375
1.525
1.000
0.750
1.000

5.172
5.178
5.303
5.045
5.375
5.318
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
    All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
     Ditech's rate is as of 09-01-09 and their APR is based on $240,000 Loan.  This rate is used because it is predominantly displayed on their site on the survey date and the loan amount and date are disclosed in tiny print far below their advertised rate.
   Quicken is new to the survey and only included because when I shopped them for 95% loans their representative tried to make a big deal of being a "Direct" lender while disparaging Brokers.










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My Experience
Call Bill Ladewig
866.204.9733
mail to: Bill@YourFhaGuru.com
Closing Home Loans Since 1970..

Rate Survey 09-13-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
4.875
5.000
5.125
4.750
5.125
4.875

1.125
1.000
1.625
1.000
0.875
1.000

5.057
5.144
5.314
4.914
5.261
5.065
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Mortgage Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
    All rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
    Quicken rate was taken from Bankrate.com because their website only offered a 2 point rate of 4.625% on 09-13.
    It is interesting to note that Bank of America advertised 4.875% and 1.625 points on Bankrate.com while they advertised 4.875% and 1.125 on their site.
Will the real B of A please step forward.
Rate Survey 09-23-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.125
5.125
5.125
4.750
4.990
5.000

1.125
1.000
1.400
1.125
1.875
1.000

5.298
5.270
5.291
4.921
5.215
5.191
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Mortgage Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
    All rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
     Quicken Loans advertised 4.990 and 1.875 points on Bankrate.com and 4.875% rate and 1.500 points on their own site.  Quicken is the only lender in the world, to my knowledge, that charges less points on a smaller rate.  Maybe they think Bankrate shoppers are not smart enough to check their website.
Be an Intelligent Rate Shopper
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Rate Survey 09-29-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.000
4.875
5.000
4.625
4.875
4.875

0.875
1.125
1.275
1.000
1.625
1.000

5.149
5.029
5.154
4.772
5.076
5.065
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
    Mortgage Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase price is for a 90 day lock as compared to 30 days for the other lenders.  To make their rate comparable their advertised points should be reduced by 0.50 pt reducing points to 0.625.
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
    All rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Rate Survey 10-04-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.125
4.875
4.625
4.500
5.000
4.875

1,125
1.000
1.400
1.125
0.875
1.000

5.298
5.018
4.786
4.670
5.135
5.065
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
     This mortgage rate survey was gathered late Sunday night on 10/04/09  Because money markets are closed all the rates shown were last effective on Friday 10/02/09.   
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable their advertised points should be reduced by 0.50 pt reducing points to 0.500.
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
    All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Rate Survey 10-15-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.250
5.125
5.000
4.750
5.250
5.000

0.500
1.000
1.275
1.125
0.375
1.000

5.367
5.316
5.154
4.907
5.341
5.191
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable their advertised points should be reduced by 0.50 pt reducing points to 0.500.
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
NOTE: Mortgage Rates can vary by location, Rates In these surveys were shopped in San Diego, CA.
Compare rates and easily understand why Big Box Banks want Mortgage Brokers to go away.

Rate Survey 10-21-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.125
5.125
5.000
4.750
5.250
5.000

1.375
1.125
1.275
1.250
0.500
1.000

5.321
5.281
5.154
4.918
5.353
5.191
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable their advertised points should be reduced by 0.50 pt reducing points to 0.625
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Rates and Points have an important relationship.
Not Understanding will Cost You $$$$
Read all about it
California Rates 1/7/2011, 12:00 PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.625 APR 4.568%
Rate 4.500% Point 1.000 APR 4.640%
Rate 4.625% Point 0.500 APR 4.723%
APR Based on $350,000 Mortgage at 80% LTV
740 Credit Score - 30 Day Lock.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application Fee or Credit Report required
Rate Survey 11-02-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
5.000
5.000
5.000
4.750
5.125
4.875

1.000
1.500
1.400
1.000
1.000
1.000

5.132
5.189
5.165
4.912
5.272
5.065
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable, their advertised points should be reduced by 0.50 pt reducing points to 1.000
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
   BoA advertises a 60 day lock.  Reduce their points to 0.75 to make them comparable.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Rate Survey 11-09-09



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
4.875
5.000
5.000
4.750
4.875
5.000

1.000
1.000
1.275
0.875
1.625
1.000

5.014
5.144
5.154
4.908
5.076
5.191
For: Fixed Rate, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable, their advertised points should be reduced by 0.50 pt reducing points to 0.500
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
   BoA advertises a 60 day lock.  Reduce their points to 0.75 to make them comparable.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.
Rate Survey 11-24-2010



Bank of America
Chase
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
4.375
4.500
4.500
4.250
4.625
4.625

0.625
1.375
1.500
0.750
0.500
1.000

4.467
4.658
4.742
4.373
4.713
4.812
30 Year Fixed, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Prices are for 30 day locks except as noted.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable, their advertised points should be reduced by 0.50 pt reducing points to 0.875
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
   BoA advertises a 60 day lock.  Reduce their points to 0.75 to make them comparable.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.

Become a Rate Shopping Genius.

Mortgage Rate Shopping is not Rocket Science but you should know lender tricks.

Two Rules for Genius Rate Shopping

Rule #1  Take nothing at face value, get EVERYTHING in writing.

Rule #2 Mortgage Rates, Points and Lender Fees are interdependent parts to each rate quote.  When one part is Lowered another part must increase.

Valuable Mortgage Rate Shopping Tips.

Know your credit score before you begin
shopping.  Loan availability and the cost of your loan depend on your credit score.  Most conventional lenders require a minimum 720 mid score, above 80% loan to value, from the three credit repositories (Experian, Equifax and Trans Union) and most FHA and VA lenders require a minimum 620 to 640 mid credit score. 

Do not allow any lender to run your credit until you select them as your lender.  Credit reports run by several lenders will lower you credit score. If you do not already know your credit score, there are several Internet companies that will provide free credit scores.  Google search for: "Free Credit Score"

Shop all lenders on the same day and time period. 
Mortgage Rates change every day, sometimes several times a day.

Insist that each lender price the exact same Rate.  You pick a rate to shop.  You are looking for lender for the lowest total cost for that rate.   Once you establish the lowest priced lender you can zero in on a rate-point-fee combination that works best for your situation.

All lenders offer a range of rates and points for each of their loan types. Rate and points are interrelated, lower mortgage rates cost more points... higher rates cost less points.  Create a "Rate Baseline" by asking each lender for the mortgage rate and then compare their points and fees for each rate.

Shop for a specific loan type, because each type is priced differently.  i.e: FHA, VA and Conventional loans, conforming and jumbo have different mortgage rates.  Insist that each lender quote rates for the same loan type.   Some lenders may present you with other options but insist they also provide a quote for the loan you are shopping for to establish a pricing base line. 

Shop each lender for the same mortgage rate lock time period.  You must ask every lender to tell you the lock period for the rate they are quoting.  Mortgage Rates increase incrementally for each longer lock periods.  I suggest shopping rates for a 30-day lock period.  Lock periods can vary but most lenders provide locks for 15, 30 and 45 days.   Some lenders quote their 15 day, least expensive price, which is not available until after the loan is approved.   If you find a lender initially quoting a 15-day rate, it would prudent to eliminate that lender from your short list.

Insist the lender provide a detailed Good Faith Estimate before you complete an application.  You have a right to know to know the price of the loan before you apply.  A few lenders, even some large well-known lenders, falsely claim rates cannot be quoted until they have all your personal information.  This is an absolutely bogus sales technique, these lenders know that borrowers do not want their personal information spread all over town and their credit score lowered by several credit reports AND they know once a borrower provides their personal information they are likely to stop shopping.  Do not apply to any lender before you receive a Good Faith Estimate.

Will the lender allow you to lock your mortgage rate today?  You should be able to lock your rate on the day you submit your signed application as long as the signed application is received by the lender prior to 3:00 PM PT.  Most lenders stop locking loans at 4:00 PM PT although this time is not universal so check with each lender for their lock cutoff.
Rate Survey 12-07-2010



Bank of America
Chase
CitiMortgage
Ditech
Mortgage Mentor
Quicken Loans
Wells Fargo
4.500
4.625
4.625
4.625
4.250
4.625
4.750

1.000
1.125
0.875
1.500
1.125
1.125
1.000

4.627
4.778
4.913
4.913
4.417
4.768
4.939
30 Year Fixed, 80% LTV,  $250,000 Loan
Company      Rate      Point    APR
720 FICO was used to obtain rates.
Prices are for 30 day locks except as noted.
Notes to Mortgage Rate Survey:
     Rates were shopped based on the lenders advertised rate with Points closest to 1 point.
    Chase rate is for a 90 day lock as compared to 30 days for myself and the other lenders.  To make their rate comparable, their advertised points should be reduced by 0.50 pt reducing points to 0.875
    Wells Fargo APR is based on a $175,000 loan amount.  This will slightly raise their APR compared to the other lenders with APRs based on $250,000.
   BoA advertises a 60 day lock.  Reduce their points to 0.75 to make them comparable.
  All mortgage rates were taken from lender web sites. Screen shots of on-line rates and wholesale rate sheets are available upon request.