After the Fed rate cut: Mortgage lenders with the lowest rates this week, Nov. 3, 2025

The mortgage lenders with the best rates: Nov. 3, 2025

Here are the results of our survey for the lowest mortgage rates on conventional loans this week. The following numbers are each lender’s annual percentage rate (APR).

1. PenFed Credit Union: 5.951%

2. Chase Home Loans: 5.978%

3. U.S. Bank: 6.159%

4. Rate: 6.26%

5. Citizens Bank: 6.337%

6. Bank of America: 6.406%

7. Wells Fargo: 6.414%

8. Truist: 6.563%

9. Flagstar Bank: 6.711%

10. Rocket Mortgage: 6.778%

Important note: Sample mortgage rates use generic data

These are all 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.

• See the average mortgage rate in your state.

How to shop for mortgage rates

The key to getting the lowest mortgage rate is shopping, according to new research from Realtor.com. So, that's what we're doing for you: Scouring national lender rates for the best offers we can find after the Federal Reserve cut interest rates last week.

Focus on the APR

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 (e.g., the mortgage origination fee), so it is the most accurate measure of your annual borrowing costs.

Discount points are an option

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%.

On the other hand, Truist offered negative points, which are typically referred to as lender credits. That means they are not charging you more for your loan — on the contrary, they will actually apply that credit to your closing costs.

Just remember, no matter what the lender puts in an advertised rate or in a loan offer, when you get a Loan Estimate and see discount points under the lender fees section, you can say no and have them removed. But your rate will be higher.

• Learn about how mortgage rates are determined.

Simplify your mortgage rate shopping process

That's a lot of moving parts, we know.

If possible, when shopping with three or more lenders, have each of them quote a mortgage rate with zero discount points. Then, focus on the APR for an accurate side-by-side comparison of rates and fees.

Laura Grace Tarpley edited this article.