US Bank Mortgage Rates – U.S. Bank Mortgage Review 2023
us bank mortgage rates Unlike some lenders, US Bank is very open about where its interest rates currently stand. This can prove invaluable, as it allows you to compare the full range of its many loan options with competitors, making the decision process much shorter.
However, you may find that US Bank’s interest rates don’t stack up so well with industry leaders like Rocket Mortgage and Bank of America.
U.S. banks have no shortage of mortgage choices, though, with everything from fixed-rate and adjustable-rate loans to VA and home construction loans. What perhaps makes these options even more desirable is the multiple term lengths you can choose for each, such as 30-, 20-, 15- and 10-year fixed-rate conventional loans.
Mortgage -30 years -6.37%
Mortgage -15 years -5.125%
Mortgage – 30-Year Jumbo-5.50%
Mortgage- 5/1 ARM—5.00%
U.S. Bank Mortgages- Overview
At US Bank, there are seven conventional loans available, including four fixed-rate and three adjustable-rate mortgages (ARMs). These fixed-rate loans come in 30-, 20-, 15- and 10-year terms with 10/1, 5/1, and 3/1 ARMs.
This gives you considerable control in deciding exactly how you want to pay out your mortgage. US Bank even publishes its interest rates and APRs associated with these loans so you know what you’re getting
If you need a loan of at least $647,200, you will almost certainly need a jumbo mortgage, although this may vary depending on where your new home is located. While you won’t find a jumbo ARM at US Bank, there are 30-, 20- and 15-year fixed-rate loans to choose from.
In general, you’ll likely need a debt-to-income ratio of more than 45% and a FICO® credit score of 740 or higher.
Federal Housing Administration (FHA) and VA loans can also be obtained through US banks, although they are technically backed by the federal government at some level. VA loans almost always avoid a down payment but are reserved for current and former members of the military. FHA loans, on the other hand, boast a down payment of around 3.5% of the property’s value, as well as easier loan qualification requirements.
Monthly Mortgage Payments (U.S. Bank)
An important distinction to make is that VA loans do not require a down payment. So while the interest rate reduction between a regular fixed rate loan and a VA loan may not seem like much to a US bank, the lack of a down payment requirement is clearly very beneficial.
|Mortgage||Interest Rate||Loan Size||Your Payments|
|30-Year Fixed||6.375%||$200,000||$1,248/month for 30 years|
|15-Year Fixed||5.125%||$200,000||$1,595/month for 15 years|
|30-Year Fixed Jumbo||5.50%||$600,000||$3,407/month for 30 years|
|5/1 ARM||5.00%||$200,000||$1,074/month for 5 years, then variable|
U.S. Bank Compares to Other Lenders
|Mortgage||U.S. Bank||Rocket Mortgage||Chase||Bank of America|