By Jozsef Huszar • Updated: October 24, 2026

Mortgage rates look simple until you add points, fees and the gap between a purchase and a refinance. We checked the 30-year fixed APR and points quoted by seven lenders on October 24, 2026, then turned them into monthly payments and lifetime interest on one loan size. Every figure comes from the providers’ own rate pages and disclosures, so you can see what a lower APR really costs at closing. If APR versus interest rate still feels fuzzy, start with our guide to how APR works, then come back for the numbers.

Quick comparison

The table below lists each lender’s 30-year fixed APR and points for a home purchase and for a refinance, exactly as recorded on the research date. Points are shown as a percentage of the loan, with the dollar cost in parentheses where the lender published one. Start with the APR columns, then check how many points you would pay to get that APR.

Bank / Product	Fixed APR (purchase)	Points / Fees (purchase)	Fixed APR (refinance)	Points / Fees (refinance)	FDIC Insured
Rocket Mortgage – 30-Year Fixed	7.652%	1.625 ($5,688)	7.158%	1.625 ($4,469)	N/A
Better – 30-Year Fixed	7.131%	2.14 ($7,473)	7.274%	2.38 ($8,313)	N/A
Chase – 30-Year Fixed	7.086%	2.112 ($7,392)	6.823%	2.016 ($7,056)	N/A
Bank of America – 30-Year Fixed	7.622%	0.900 ($1800)	7.687%	0.679 ($1,358)	N/A
Wells Fargo – 30-Year Fixed	7.414%	0.875 points ($2800)	7.513%	0.625 ($2,000)	N/A
Guaranty Rate – 30-Year Fixed	7.151%	1.190 ($4,165)	7.092%	1.142 ($3,426)	N/A
U.S. Bank – 30-Year Fixed	7.297%	0.835	7.516%	0.518	N/A

Chase has the lowest APR in both comparisons: 7.086% for a purchase and 6.823% for a refinance. Rocket Mortgage is the highest for a purchase at 7.652%, and Bank of America is the highest for a refinance at 7.687%. That spread, 0.566 percentage points on a purchase and 0.864 on a refinance, is the real story, and the next sections turn it into dollars.

How we chose and what protection applies

We started with the seven providers in our research sheet: four large banks (Chase, Bank of America, Wells Fargo and U.S. Bank) and three mortgage-focused lenders (Rocket Mortgage, Better and Guaranty Rate). For each one we recorded the 30-year fixed APR and the points quoted for a purchase and for a refinance, taken from the lender’s rate page or disclosure. We compare APR rather than the headline interest rate because APR folds in points and certain lender fees, which makes lenders easier to line up side by side.

A mortgage is a loan, not a deposit, so none of these products is FDIC insured. That is why the last column says N/A. FDIC insurance covers deposit accounts at insured banks, such as the checking or savings account you might hold at the same bank; for the basics, see our explainer on how FDIC insurance works. On a mortgage, your protection comes from different rules: the lender must give you a Loan Estimate and a Closing Disclosure, and the lender and loan officer must be licensed. You can look up any of them in the free NMLS Consumer Access database.

What a typical borrower looks like

To compare lenders fairly, every calculation in this article uses the same loan: a $350,000 balance on a 30-year fixed mortgage. That is roughly what you would borrow on a $437,500 home with 20% down. We calculated the monthly payment with the standard amortization formula, using each lender’s APR as the interest rate.

Three limits are worth knowing. First, the payment covers principal and interest only, so property taxes, homeowners insurance, mortgage insurance and association dues come on top. Second, APR already includes points and some fees, so a payment based on your real note rate would be slightly lower; use our figures to compare lenders, not as a quote. Third, the dollar amounts in the research sheet come from quotes on different loan sizes (for example, $1,800 at 0.900 points implies a $200,000 loan), so we recalculated points on $350,000 instead of comparing those dollar figures directly.

To adjust the numbers for your own loan, scale them. Per $100,000 borrowed, the payment is about $671.09 a month at Chase’s purchase APR and about $709.65 at Rocket Mortgage’s. A $200,000 loan costs roughly double the $100,000 figure.

Points deserve a plain-language explanation, because they drive the closing-cost column. One point equals 1% of the loan amount, so one point on $350,000 is $3,500. Lenders quote points and APR together: paying more points at closing usually buys a lower rate, and paying fewer points usually means a higher one. That is why the lowest APR in this comparison, Chase at 7.086%, also carries one of the highest point charges at 2.112, while U.S. Bank’s 0.835 points come with a mid-table 7.297% APR.

Purchase and refinance quotes also behave differently from one lender to the next. Rocket Mortgage, Chase and Guaranty Rate quote lower APRs for a refinance than for a purchase: Rocket Mortgage by 0.494 percentage points (7.652% down to 7.158%), Chase by 0.263 (7.086% down to 6.823%) and Guaranty Rate by 0.059 (7.151% down to 7.092%). Better, Bank of America, Wells Fargo and U.S. Bank go the other way. If you are refinancing, do not assume the purchase ranking still applies.

What it costs in real life

Table 2 shows what each purchase APR means on the $350,000 loan: the monthly principal-and-interest payment, the points as cash due at closing, and the total interest over the full 30 years. Sort by the last column first, because it is the largest number in the whole decision.

Provider (purchase)	APR	Monthly principal and interest	Points cost on $350,000	Interest over 30 years
Chase	7.086%	$2,348.81	$7,392	$495,571
Better	7.131%	$2,359.43	$7,490	$499,396
Guaranty Rate	7.151%	$2,364.16	$4,165	$501,098
U.S. Bank	7.297%	$2,398.78	$2,922.50	$513,563
Wells Fargo	7.414%	$2,426.67	$3,062.50	$523,602
Bank of America	7.622%	$2,476.56	$3,150	$541,560
Rocket Mortgage	7.652%	$2,483.78	$5,687.50	$544,162

Over 30 years, the gap between the cheapest and the most expensive purchase APR is about $48,600 in interest. The lowest APR, Chase at 7.086%, costs $2,348.81 a month, while the highest, Rocket Mortgage at 7.652%, costs $2,483.78: $134.97 more every month. Chase’s low rate comes with 2.112 points ($7,392 at closing), whereas Bank of America asks for 0.900 points ($3,150) but charges 7.622%. Guaranty Rate sits in the middle on points ($4,165) with the third-lowest payment.

A low payment only stays low if you pay on time, so the next table shows what a late payment adds.

What happens if you miss the conditions

Mortgage lenders can charge a late fee once a payment passes the grace period. Chase and Wells Fargo both point to your loan documents for the exact amount, so Table 3 uses the 5% of principal and interest that Freddie Mac guidelines set as a maximum on loans it buys, collectable only after 15 days (source: Freddie Mac Guide section 4701.4, as reproduced by homebuyer.com). Your own note sets the real figure.

Provider (purchase)	Monthly principal and interest	Maximum late fee at 5% (one payment)	Three late payments in a year
Chase	$2,348.81	$117.44	$352.32
Better	$2,359.43	$117.97	$353.91
Guaranty Rate	$2,364.16	$118.21	$354.62
U.S. Bank	$2,398.78	$119.94	$359.82
Wells Fargo	$2,426.67	$121.33	$364.00
Bank of America	$2,476.56	$123.83	$371.48
Rocket Mortgage	$2,483.78	$124.19	$372.57

At Chase’s payment, one late payment could cost up to $117.44; at Rocket Mortgage’s it could cost up to $124.19, a gap of $6.75. Three late payments in a year could add $352.32 to $372.57 on top of what you already owe. The cheapest lender stays the cheapest here too, but the fee is a ceiling, not a promise. The consumer agency CFPB says late fees can be charged only in the amount your mortgage documents authorize, and you can find it on page 3 of the Loan Estimate.

With the costs laid out, here is which lender suits which borrower.

Which one fits you

You want the lowest monthly payment

Chase is the pick on a purchase: 7.086% APR, $2,348.81 a month and $495,571 in total interest on $350,000. The trade-off is 2.112 points, or $7,392 at closing. Better is close behind at $2,359.43 a month, but its 2.14 points ($7,490 on $350,000) are the highest in the group.

You are short on cash at closing

U.S. Bank quotes the lowest purchase points at 0.835, which is $2,922.50 on $350,000. Wells Fargo (0.875 points, $3,062.50) and Bank of America (0.900 points, $3,150) follow. Compared with Chase, U.S. Bank saves $4,469.50 of upfront cash, but the payment is $49.97 higher each month ($2,398.78 versus $2,348.81). If you may sell or refinance within a few years, that trade can make sense.

You are refinancing

Chase again has the lowest APR at 6.823%, with 2.016 points ($7,056 in the research sheet). On a $350,000 balance that is $2,287.10 a month, versus $2,492.22 at Bank of America’s 7.687%, a difference of $205.12 every month. Guaranty Rate (7.092%) and Rocket Mortgage (7.158%) come next. U.S. Bank has the lowest refinance points at 0.518, but its 7.516% APR is more than 0.69 percentage points above Chase.

You want a balance of rate and points

Guaranty Rate is the middle path. Its 7.151% purchase APR is only 0.020 percentage points above Better’s 7.131%, but its points are 1.190 against 2.14: $4,165 versus $7,490 on $350,000. That is $3,325 less cash at closing for $4.73 more a month.

If you plan to stay for many years, Chase’s lower payment wins on paper. If you need cash at closing or may move or refinance soon, the lower-points lenders deserve a quote too. Either way, ask each lender for a Loan Estimate on the same loan amount before you decide. This article is general information, not personalized financial advice.

What we did not cover

We looked only at 30-year fixed mortgages. We left out adjustable-rate loans, 15-year terms, FHA, VA and jumbo loans, lender credits, relationship discounts, rate-lock policies and promotions. We also did not model mortgage insurance, escrow, closing costs beyond points, or any provider that is not in the table above.

Those choices keep the comparison readable, but they matter in real life. A lender that looks average here may offer a discount to existing customers, and a loan with a different term or type will have a different rate. Treat this page as a map of where to start asking questions, not as a final quote.

Frequently Asked Questions

Should I compare mortgage APR or the interest rate?

Use APR to compare lenders, because it includes points and certain fees, then use the interest rate on your Loan Estimate to see your actual payment. Ask every lender to quote the same loan amount, term and closing date, or the numbers will not line up.

Why is my quoted rate different from the table?

Lenders price each loan individually, based on your credit score, down payment, loan size, property location and the day you lock. The table shows what each lender published on the research date, so treat it as a starting point and request a written Loan Estimate for your own numbers.

Is paying more points worth it?

Paying points lowers your payment but costs cash at closing, so it pays off only if you keep the loan long enough. Ask each lender for two Loan Estimates, one with points and one without, then divide the extra upfront cost by the monthly saving to see the break-even time.

Where do I find the late fee on my mortgage?

For a loan you are applying for, look at page 3 of the Loan Estimate. For a loan you already have, look at page 4 of the Closing Disclosure. Late fees can be charged only in the amount your mortgage documents authorize, and state law may limit them further.

How many lenders should I get quotes from?

Get quotes from at least three, and include one large bank and one mortgage-focused lender, because their rates and points can differ a lot for the same borrower. Request all quotes on the same day if you can, since rates change daily and a later quote is not directly comparable.

Methodology and last update

We recorded rates and points on October 24, 2026 from each lender’s own rate page or disclosure. Payments and interest were recalculated by us with the standard amortization formula on a $350,000, 30-year loan, and the late-fee ceiling comes from the Freddie Mac guideline cited above. Mortgage rates move often, so we refresh this comparison every month; confirm your own quote before you act, because this page is for general information only and is not personalized financial advice.