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Lowest-rate mortgage offers vary widely as APR gaps top 0.7 points
Yahoo Finance says the top surveyed lender, Navy Federal, posted an APR of 0.735 percentage point lower than the bottom-ranked Rocket Mortgage, while borrower savings from shopping multiple lenders can reach $44,000 over 30 years.
Mortgage rates among major U.S. lenders ranged from just below 6.5% to over 7.0% again this week, with Yahoo Finance highlighting large differences between both APRs and the fees embedded in those rates.
In its weekly survey of the lowest interest rates on 30-year fixed-rate conventional loans, Yahoo Finance found more than a half-point spread in APRs among the top 10 lenders and an even wider gap in fees.
Yahoo Finance also pointed to borrower behavior, saying 56% of borrowers do not shop mortgage rates and instead take the first quote they receive, citing LendingTree.
According to the outlet, an APR gap of 0.735 percentage point separated Navy Federal, the top-ranked lender, from Rocket Mortgage, the bottom-ranked lender, and it noted that analysis by Realtor.com suggests shopping multiple lenders can save borrowers up to an average of $44,000 over the life of a 30-year loan.