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Chase and other banks push targeted mortgage rate discounts
Bankrate research says that in 2025, 87% of borrowers picked pricier loans, costing the typical borrower $3,343 extra each year and $78,186 over the life of the loan.
Banks are flooding customers with mortgage offers promising lower closing costs and reduced interest rates, even as mortgage rates remain at their highest level in more than a year, according to Yahoo Finance.
Bankrate says many borrowers will not qualify for the best deals, and even qualifying may deliver only limited savings relative to the amount required to keep money tied up with a lender.
In an eye catching example, Chase offers up to a full percentage point off a mortgage rate for borrowers who take out loans of at least $500,000 and move at least $1.5 million in new deposits or investments into the bank, while smaller deposit levels can produce much smaller discounts.
The story also notes that big banks use mortgage promotions to target more affluent customers, and it cites Bankrate research finding that in 2025, 87% of borrowers chose a more expensive mortgage than they needed, costing the typical borrower an additional $3,343 annually and $78,186 over the loan term.