Who actually charged the lowest rate?
Every closed loan’s interest rate is in the filing. We compare each lender with its state’s market in the same loan-to-value band and points-paid cell, so the number is what that lender’s borrowers paid relative to everyone else’s, not a quote.
national median rate, 353,061 loans. FHA 6.375%, VA 6.125% in their reference cells.
Builders are cheapest, and it isn’t free
Builder-owned lenders priced conventional loans about 81 basis points below market in 2025 after matching LTV and points. That is the forward-commitment buydown builders use as a sales incentive, and it is paid for in the house. It is real money for the buyer who was going to buy that house anyway; it is not evidence that the builder’s lender is cheap. They are listed separately for that reason.
Conventional: largest lenders, ranked
| Lender | Loans priced | vs. market, same LTV & points | Median rate, no points | Paid points |
|---|---|---|---|---|
| Bank of America NA | 12,676 | -39 bps | 6.375% | 72% |
| Wells Fargo Bank NA | 12,388 | -22 bps | 6.375% | 50% |
| loanDepot.com LLC | 15,388 | -21 bps | 6.625% | 66% |
| Provident Funding Associates | 8,136 | -15 bps | 6.5% | 44% |
| JPMorgan Chase Bank, NA | 35,485 | -11 bps | 6.5% | 64% |
| The Loan Store, Inc | 12,682 | -4 bps | 6.5% | 49% |
| Zillow Home Loans, LLC | 9,266 | -4 bps | 6.5% | 72% |
| United Wholesale Mortgage | 122,131 | ±0 | 6.625% | 55% |
| US Bank, N.A. | 16,062 | ±0 | 6.625% | 49% |
| Guild Mortgage Company | 30,367 | +1 bps | 6.625% | 61% |
| Movement Mortgage, LLC | 19,818 | +3 bps | 6.625% | 51% |
| Navy Federal Credit Union | 11,140 | +3 bps | 6.5% | 13% |
| PrimeLending | 9,327 | +3 bps | 6.625% | 65% |
| Rocket Mortgage | 79,587 | +4 bps | 6.625% | 63% |
| CMG Mortgage Inc | 23,653 | +5 bps | 6.625% | 56% |
| Guaranteed Rate, Inc. | 26,301 | +6 bps | 6.625% | 43% |
| PennyMac Loan Services LLC | 15,606 | +6 bps | 6.625% | 45% |
| Union Home Mortgage Corp. | 14,036 | +12 bps | 6.625% | 59% |
| American Pacific Mortgage Corporation | 9,089 | +14 bps | 6.875% | 71% |
| Nfm, Inc | 8,307 | +14 bps | 6.75% | 67% |
| NewRez LLC | 10,207 | +15 bps | 6.75% | 52% |
| Prosperity Home Mortgage, LLC | 9,985 | +15 bps | 6.875% | 50% |
| Fairway Independent Mort Corp | 30,653 | +17 bps | 6.875% | 57% |
| New American Funding, LLC | 15,050 | +17 bps | 6.875% | 61% |
| CrossCountry Mortgage, LLC | 47,226 | +24 bps | 6.875% | 63% |
Builder-owned lenders, conventional
| Lender | Loans priced | vs. market, same LTV & points | Median rate, no points | Paid points |
|---|---|---|---|---|
| Homeamerican Mortgage Corporation builder | 2,070 | -165 bps | 4.875% | 67% |
| Lennar Mortgage, LLC builder | 17,545 | -146 bps | 5.75% | 76% |
| DHI Mortgage Company, Ltd. builder | 16,046 | -108 bps | 5.5% | 65% |
| Taylor Morrison Home Funding, Inc. builder | 5,010 | -87 bps | 6.125% | 69% |
| Inspire Home Loans Inc. builder | 1,489 | -73 bps | 6.625% | 87% |
| M/I Financial. LLC builder | 3,500 | -69 bps | 5.875% | 50% |
| Pulte Mortgage LLC builder | 9,837 | -66 bps | 6.875% | 76% |
| Jet Homeloans, LP builder | 2,087 | -50 bps | 6% | 37% |
| KBHS Home Loans, LLC builder | 3,039 | -30 bps | 6.625% | 90% |
| K. Hovnanian American Mortgage builder | 1,941 | -27 bps | 6.875% | 60% |
| Tri Pointe Connect, LLC builder | 1,911 | -25 bps | 7% | 78% |
| Acrisure Mortgage, LLC builder | 2,006 | -20 bps | 6.75% | 73% |
| First Heritage Mortgage, LLC builder | 3,127 | -10 bps | 6.5% | 55% |
| NVR Mortgage Finance, Inc. builder | 7,380 | -7 bps | 7.25% | 92% |
| Toll Brothers Mortgage Company builder | 3,298 | -5 bps | 6.875% | 64% |
FHA: largest lenders, ranked
| Lender | Loans priced | vs. market, same LTV & points | Median rate, no points | Paid points |
|---|---|---|---|---|
| loanDepot.com LLC | 11,313 | -28 bps | 6.25% | 71% |
| CMG Mortgage Inc | 11,344 | -8 bps | 6.375% | 55% |
| PennyMac Loan Services LLC | 6,000 | -6 bps | 6.25% | 52% |
| United Wholesale Mortgage | 48,975 | -5 bps | 6.25% | 64% |
| NewRez LLC | 3,999 | -4 bps | 6.25% | 55% |
| Nfm, Inc | 3,959 | -3 bps | 6.25% | 53% |
| Freedom Mortgage Corporation | 3,823 | -2 bps | 6.25% | 63% |
| Ark-La-Tex Financial Services LLC | 3,868 | ±0 | 6.375% | 47% |
| Rocket Mortgage | 21,641 | +10 bps | 6.5% | 62% |
| Kind Lending, LLC | 6,442 | +10 bps | 6.5% | 57% |
| Paramount Residential Mortgage | 6,030 | +12 bps | 6.5% | 61% |
| Guild Mortgage Company | 16,383 | +13 bps | 6.5% | 55% |
| Guaranteed Rate, Inc. | 7,841 | +13 bps | 6.5% | 53% |
| Union Home Mortgage Corp. | 5,475 | +20 bps | 6.5% | 73% |
| Movement Mortgage, LLC | 8,930 | +24 bps | 6.625% | 54% |
| American Pacific Mortgage Corporation | 5,627 | +28 bps | 6.5% | 69% |
| Fairway Independent Mort Corp | 13,101 | +29 bps | 6.625% | 54% |
| CrossCountry Mortgage, LLC | 18,450 | +34 bps | 6.625% | 68% |
| Everett Financial, Inc. | 3,848 | +37 bps | 6.625% | 52% |
| New American Funding, LLC | 10,278 | +39 bps | 6.625% | 60% |
VA: largest lenders, ranked
| Lender | Loans priced | vs. market, same LTV & points | Median rate, no points | Paid points |
|---|---|---|---|---|
| loanDepot.com LLC | 3,684 | -42 bps | 6.25% | 69% |
| Navy Federal Credit Union | 13,501 | -17 bps | 6% | 10% |
| CMG Mortgage Inc | 5,581 | -11 bps | 6% | 58% |
| PennyMac Loan Services LLC | 3,246 | -7 bps | 6.125% | 53% |
| United Wholesale Mortgage | 18,419 | ±0 | 6.125% | 65% |
| Rocket Mortgage | 7,860 | +3 bps | 6.25% | 68% |
| Guaranteed Rate, Inc. | 4,666 | +11 bps | 6.25% | 58% |
| NewRez LLC | 4,476 | +11 bps | 6.25% | 49% |
| Guild Mortgage Company | 5,548 | +12 bps | 6.25% | 66% |
| Fairway Independent Mort Corp | 5,033 | +12 bps | 6.25% | 62% |
| USAA Federal Savings Bank | 5,870 | +13 bps | 6.5% | 70% |
| CrossCountry Mortgage, LLC | 7,582 | +14 bps | 6.25% | 70% |
| Freedom Mortgage Corporation | 3,422 | +14 bps | 6.25% | 62% |
| Movement Mortgage, LLC | 4,489 | +21 bps | 6.5% | 58% |
| Mortgage Solutions of Colorado | 3,044 | +142 bps | 7.75% | 28% |
Questions
Which mortgage lender has the lowest rates?
It depends on the loan, which is why this page compares each lender with the market in the same LTV band and points-paid cell rather than ranking raw averages. Among non-builder lenders with 300+ priced conventional loans in 2025, the spread from cheapest to priciest was about 318 basis points.
Why do builder lenders show such low rates?
Builders buy the rate down as a sales incentive, often through forward commitments, and recover it in the house price. Builder-owned lenders priced conventional loans about 81 basis points below market in 2025. The rate is real; the discount is not free. They are shown separately so they do not distort the comparison.
Does this account for credit score?
No. Credit score is withheld from the public HMDA file. The comparison controls for LTV band, points paid, loan term (30-year fixed) and conforming status. A lender that serves lower-score borrowers will look more expensive here than its pricing sheet is. Read the gap as what that lender's borrowers actually paid, not as a rate quote.
What is 'median rate, no points'?
The median interest rate on the lender's 30-year fixed conforming purchase loans in the reference cell for the program (conventional: LTV 80% or below; FHA and VA: LTV above 95%) where the borrower paid no discount points. It is the closest thing in public data to a lender's par rate.
Rates change through the year. Is this fair?
Each lender's loans are compared with all lenders' loans across the same year, so a lender that closed most of its loans in a high-rate month will look slightly expensive and vice versa. Over a full year of volume the effect is small for large lenders and larger for small ones; the minimum-loans control exists for that reason.
Method
HMDA 2025 originated purchase loans, site-built one-unit owner-occupied first lien, 30-year term, no introductory rate period, conforming loan amount. Rates are binned to 1/8 point. For each state and program, the market median is computed per cell (LTV band × points paid). A lender's gap is its median minus the market median in each cell where it has 30+ loans, weighted by its loans in that cell. Lenders appear with 50+ loans in qualifying cells. 'Paid points' is the share of the lender's priced loans with any discount points.
What it is not
Not a rate quote. Not adjusted for credit score, lock date, loan size within conforming, or seller-paid buydowns. A lender serving weaker credit looks more expensive than its rate sheet; a builder looks cheaper than any borrower off the street would get.
Who said yes above 50% DTI: the 2025 lender sheet
2.9 million purchase decisions from 2,523 lenders, ranked by approval rate at 50–60% DTI. One page per state, conventional / FHA / VA. Nobody else publishes it:
- The lenders in your state that actually approve high-ratio files, with the decision count behind every percentage
- Which ones are lenient everywhere and which only above 50%, so you know who to call first
- Builder lenders flagged, so a buydown-fed 95% doesn’t fool you
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