Mortgage rates compared: 6 banks, $340,000 loan (November 2026)
"Less than half a percent. Who cares?"
Almost every homebuyer thinks this at some point. The rates all look the same — 6.6 here, 7.3 there — so people pick the bank they already use, or the first one that pre-approves them, and move on to the stressful parts: the house hunt, the paperwork, the closing.
We wanted to see what that shrug actually costs. So we took one identical borrower — a $340,000 loan, 30-year fixed term — and ran it through the published mortgage rates of the 6 lenders in our directory that publish theirs, every figure re-verified on the lender's own website on November 1, 2026, using the same amortization math that sits on our own site.
The answer: that "half a percent" is worth $61,645.76 over the full 30 years. Here's the full picture.
The ranking: same house, same loan, 6 banks
Payments below are principal and interest, calculated at each bank's published interest rate.
| Bank | Rate | APR | Points | Monthly payment | Total interest over 30 years |
|---|---|---|---|---|---|
| Navy Federal Credit Union | 6.625% | 6.772% | 0.500 | $2,177.06 | $443,740.62 |
| JPMorgan Chase | 6.875% | 7.062% | 1.877 | $2,233.56 | $464,080.87 |
| Truist | 6.990% | 7.169% | 0.621 | $2,259.75 | $473,508.39 |
| U.S. Bank | 6.990% | 7.170% | 0.930 | $2,259.75 | $473,508.39 |
| Wells Fargo | 7.125% | 7.301% | $3,200 (not a %) | $2,290.64 | $484,631.47 |
| Bank of America | 7.375% | 7.597% | 0.653 | $2,348.30 | $505,386.38 |
Top to bottom, the monthly gap is $171.24. That doesn't sound life-changing — until you multiply it by 360 payments. Over the full loan, the most expensive bank in this comparison costs $61,645.76 more than the cheapest. That is a car. That is a year of college. That is real money hiding inside a rounding error.
Two notes on the middle of the table. Truist and U.S. Bank tie at 6.990% — the monthly payment is identical, so the order between them is by APR alone (7.169% vs 7.170%). And Wells Fargo's points figure is $3,200 — the lender's page shows the points column as a dollar amount, not a percentage, so there's no percentage-points figure to compare. The comparison above is payment-based: it does not add points cost into the totals. That's how our one-click comparison works too — the monthly payment decides the ranking, not the upfront buy-down.
Methodology
- Loan amount: $340,000 · Term: 360 months (30 years) · Type: fixed rate, fully amortizing, principal & interest only
- Excluded: property taxes, homeowner's insurance, mortgage insurance, closing costs — these are added on top of every row equally and don't change the ranking
- Assumed: no extra payments, no refinancing, the loan runs the full 30 years
- Rates used: each lender's published 30-year fixed rate, checked against the lender's own website on November 1, 2026 — not personalized offers
- Important: each lender publishes its rate under its own example scenario (different loan amounts, ZIP codes, down payments, credit assumptions — see the table's scenario notes below). This comparison computes the payment at each lender's published rate; it is not a single standardized borrower quote.
- Scenario notes:
- Navy Federal — limited cash-out refinance example, 780 FICO, 75% LTV, 1% origination fee (waivable for a 0.25% rate increase), rates effective Nov 1, 2026
- Chase — purchase example, ZIP 60629, $350,000 loan, 1.877 points, rates as of Oct 30
- Truist — 1-point option, $250,000 loan, 740 score, 25% down, Richmond VA, 30-day lock
- U.S. Bank — $405,000 loan, 25% down, FICO 740+, 45-day lock, current as of Oct 30
- Wells Fargo — Austin TX, $400,000 price, $80,000 down, rates as of Oct 30
- Bank of America — $200,000 loan, ZIP 95464, 20% down, excellent credit (740+), rates valid Oct 30
The catch with the winner
Navy Federal is the lowest in this comparison under the stated assumptions — with an asterisk. It's a credit union for the military community: service members, veterans, and their families. If that's you, it's the strongest published rate we found, full stop.
If it isn't you, your lowest in this comparison is Chase at $2,233.56 a month. And notice something: the gap between Chase and Bank of America — the full spread of this table — is $115 a month. Which leads to the real lesson of this table.
The lesson isn't "always pick #1." It's "never skip the comparison."
Look at the middle of the table. Chase, Truist, U.S. Bank, Wells Fargo — four giant banks, separated by about $57 a month. Your existing bank is probably in that pack, and switching might genuinely not be worth the hassle for you.
But you'd never know that without the numbers in front of you. The buyers who lose money aren't the ones who pick the "wrong" bank from a table like this. They're the ones who never see a table at all — who take the single quote they were handed and sign, because comparing felt complicated.
It isn't, anymore. It takes about a minute.
Three honest warnings before you use these numbers
1. These are published rates, not your rate.
Your actual offer depends on your credit score, your down payment, and the home itself. A borrower with a 780 score and 20% down will usually beat the numbers above; a borrower with a 650 score will not. Each lender's published example assumes its own scenario (see Methodology). Treat this table as a map of the territory, not a promise.
2. Rate and APR are not the same thing.
The rate sets your monthly payment. The APR folds in certain borrowing costs — it reflects some lender fees, not all of them (closing costs, for example, aren't in it). When two banks quote you, compare APR to APR — it's the closer comparison — but ask each lender for the full fee list in writing anyway.
3. The monthly payment is not the whole payment.
Taxes, insurance, and (if your down payment is under 20%) mortgage insurance get added on top. And the lifetime figures above assume the loan runs the full 30 years with no extra payments and no refinancing — change any of that and the gap changes too. Our mortgage calculator is an estimate that shows the full picture — principal, interest, taxes, insurance, and PMI together — so test your real numbers there before you fall in love with a house.
Who's missing — and why
Two mortgage lenders in our directory are not ranked at all: Citibank and PNC Bank. Citibank quotes through loan officers only, and PNC publishes no advertised rates — there is no published figure to rank. Ranking them on a guessed number would be manufacturing data, so they stay in the directory with a "quote required" label instead. A comparison is only useful if every number in it is real.
Before you sign anything: a 5-point checklist
- Get at least 3 quotes. Same day, ideally — rates move, and quotes from the same day are the only fair comparison.
- Compare APRs, not just rates, and ask each lender for the full fee list in writing.
- Ask about points. Sometimes you can pay upfront to buy the rate down. Sometimes it's worth it, sometimes it isn't — it depends on how long you'll keep the loan.
- Check the lock period. A great rate locked for 30 days is a problem if your closing takes 45.
- Run your own numbers first. Two minutes with an estimated calculation beats a surprise at the closing table, every single time.
Run your own comparison
Don't take our $340,000 example as your answer — run yours. Our mortgage calculator estimates your full monthly cost including taxes, insurance, and PMI, with the complete amortization schedule. Our per-bank calculators let you price the same loan at each bank on this list individually, and the one-click comparison estimates and ranks lenders by total cost for your exact loan amount and credit score.
Half a percent sounds like nothing. Now you've seen the receipt: on a typical home loan, over a full 30-year term, it's $61,645.76. Compare first. Sign second.
Rates shown are published rates for November 2026, each checked against the lender's own website on November 1, 2026, for comparison purposes. They are not personalized offers, and your actual rate will depend on your credit profile, down payment, and property. This article is educational content, not financial advice.
Frequently asked questions
Which lender had the cheapest mortgage rate in the November 2026 comparison?
Navy Federal Credit Union at a 6.625% rate (6.772% APR) - $2,177.06 a month principal and interest on a $340,000, 30-year loan. Note that Navy Federal membership is limited to the military community and their families.
How big was the cost gap between the cheapest and most expensive bank?
$171.24 a month, which is $61,645.76 over the full 30 years - on the exact same $340,000 loan.
Why are Citibank and PNC Bank not ranked?
Citibank quotes mortgages through loan officers only, and PNC Bank publishes no advertised rates. There is no published figure to rank, so they carry a quote required label instead of a guessed number.
Do these payments include taxes and insurance?
No. The payments are principal and interest only. Property taxes, homeowner's insurance, mortgage insurance, and closing costs are excluded and get added on top of every row equally.
Are these the rates I will actually be offered?
No. These are published rates verified on November 1, 2026, each under the lender's own example scenario. Your actual offer depends on your credit score, down payment, and the property.