Weekly survey of mortgage lenders with the best rates: Another move higher above 6% APR – Yahoo Finance

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There was a shakeup on the leaderboard of lenders with the best mortgage rates following the Memorial Day weekend, according to our latest analysis. The Yahoo Finance weekly survey ranks lenders by the lowest annual percentage rate (APR), which includes lender fees. Read on to see the 10 lenders with the lowest rates this week.
MORE: See our top picks for mortgage lenders for first-time home buyers.
Here are the 10 mortgage lenders with the best interest rates this week, as determined by our survey of the lowest mortgage rates on 30-year, fixed-rate conventional loans. The following numbers are each lender’s annual percentage rate (APR).
U.S. Bank: 6.122%
Citi Mortgage: 6.259%
Navy Federal Credit Union: 6.268%
PenFed Credit Union: 6.295%
Better: 6.324%
Chase Home Loans: 6.330%
Flagstar Bank: 6.466%
Truist: 6.574%
Citizens Bank: 6.588%
 Rate: 6.612%
Our latest survey proves the power of shopping multiple lenders to get your best mortgage rate. U.S. Bank and Citi Mortgage climbed to the top of our list of low-rate lenders, besting the two credit unions normally taking top honors: Navy Federal and PenFed.
Of the 16 national lenders surveyed on May 26, Fifth Third, Wells Fargo, Bank of America, PNC, Third Federal, and Rocket Mortgage did not make the top 10 based on annual percentage rates. An APR difference of 1.026 percentage points separated the top lender, U.S. Bank, from the bottom-ranked Rocket Mortgage.
Read more: Is it a good time to refinance?
These are sample mortgage rates found on lender websites and are based on generic assumptions. Lenders advertise 30-year mortgage rates based on varying credit scores, down payments, and other credit qualifications. Even where you live affects your mortgage rate.
Your rate will be based on your particular credit profile.
If a mortgage lender required additional borrower information to provide a sample rate, we supplied a median home value and credit score, with a 20% down payment based on a home located in the Midwest.
Read more: See the average mortgage rate in your state
The key to securing the lowest mortgage rate is shopping around, which could save borrowers up to an average of $44,000 over the life of a 30-year loan, according to analysis by Realtor.com.
We're also looking for details that you will want to consider. Often, borrowers focus on the offered interest rate, as that's what lenders typically highlight. However, the mortgage annual percentage rate, or APR, is the most important number.
APR includes both the interest rate and lender fees (for example, the mortgage origination fee), so it is the most accurate measure of your annual borrowing costs.
Lenders often include mortgage discount points to lower their offered interest rate. That's where things can get confusing.
First off, discount points are prepaid interest — an up-front fee paid at closing that reduces your interest rate. Although lenders often include discount points in their advertised rates online, buying points is optional.
Each point represents 1% of your loan amount and generally lowers your interest rate by about 0.25%. For example, one point on a $400,000 mortgage would cost $4,000 and reduce a 6.25% home loan to 6%.
Just remember, no matter what the lender puts in an advertised rate or in a loan offer, when you get a Loan Estimate, and you see discount points under the lender fees section, you can say “no” and have them removed. But your rate will be higher.
Learn more: How mortgage rates are determined
One thing we're seeing more often: Lenders sometimes offer special discounts off their interest rates and fees. For example, Chase Home Loans just completed another mortgage rate sale. We would like to see more mortgage lenders launch such consumer-oriented promotions. And from the national response we've seen each time Chase hosts a rate sale, many borrowers would too.
If a lender you are interested in is not currently promoting a discount, ask for any concessions they can offer and let them know you are shopping with multiple lenders.
That's a lot of moving parts, we know.
If possible, when shopping with three or more lenders, have each of them provide a quote for a mortgage rate with zero discount points. Then, focus on the APR for an accurate side-by-side comparison of rates and fees.
See the table below to understand the Yahoo Finance methodology for determining which mortgage lenders have the best rates this week. Remember, we are sorting by APR, which includes both the interest rates and mortgage lender fees, including points.
Rank
Lender
Advertised 30-year 
fixed rate
APR
Points/notes
1
U.S. Bank
5.990%
6.122%
1 point
2
Citi Mortgage
6.125%
6.259%
1 point
3
Navy Federal
6.125%
6.268%
0.500 point
4
PenFed Credit Union
6.125%
6.295%
1 point and 1% origination fee
5
Better Mortgage
6.124%
6.324%
2.09 points
6
Chase Home Loans
6.250%
6.330%
1 point
7
Flagstar Bank
6.375%
6.466%
1 point and $1,295 origination fee
8
Truist Bank
6.375%
6.574%
0.907 point
9
Citizens Bank
6.500%
6.588%
0.375 point
10
Rate
6.275%
6.612%
1.155 points
11
Fifth Third Bank
6.500%
6.64%
0 points
12
Wells Fargo
6.500%
6.653%
0.875 point
13
Bank of America
6.500%
6.665%
0.862 point
14
PNC Bank
6.625%
6.788%
0.801 point
15
Third Federal
6.750%
6.797%
0 points
16
Rocket Mortgage
6.875%
7.148%
1.750 points
What’s the difference between interest rates and APR?
How much can shopping multiple lenders save borrowers?
How do discount points affect your mortgage rate?
Which lenders offered the best mortgage rates this week?
Mortgage rates inched lower this week as an upbeat jobs report bumped the bond market slightly higher.
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