US Bank Mortgage Interest Rate and Cost Review

Is US Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by US Bank to those of other lenders for a comparable set of borrowers. Here is our review of US Bank nationally:

Review ItemUS Bank
Interest Ratesimilar to other lenders (+0.01%)
Loan Related Closing Costslower than other lenders (-$708)
National Rate and Closing Cost Star Rating(3.5)

On average, US Bank’s interest rates were similar to those of other lenders (+0.01%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$708. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit US Bank, check out its website at:

US Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track US Bank was most active in:

  1. Minneapolis, MN
  2. Los Angeles, CA
  3. Chicago, IL
  4. Phoenix, AZ
  5. St. Louis, MO

In addition, US Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Kettering, OH, for Jumbo mortgages
  2. Appleton, WI, for Jumbo mortgages
  3. Madison, WI, for Jumbo mortgages
  4. Wausau, WI, for FHA, and Jumbo mortgages
  5. Rockford, IL, for FHA mortgages
  6. Cedar Rapids, IA, for Jumbo mortgages
  7. Marion, IL, for FHA mortgages
  8. Paducah, KY, for Jumbo mortgages
  9. Clarksville, TN, for Jumbo mortgages
  10. Sioux Falls, SD, for Jumbo mortgages
  11. Owensboro, KY, for VA mortgages
  12. Cape Girardeau, MO, for Jumbo mortgages
  13. Eau Claire, WI, for Jumbo mortgages
  14. Elizabeth City, NC, overall
  15. Fargo, ND, for Jumbo mortgages
  16. Dubuque, IA, for FHA, and Jumbo mortgages
  17. Mount Vernon, IL, for Jumbo mortgages
  18. Kennewick, WA, for Jumbo mortgages
  19. Cookeville, TN, overall
  20. Hot Springs, AR, for Jumbo mortgages

US Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, US Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.09%-0.06%-0.05%+0.01%-0.01%
Loan Related Closing Cost Difference-$601-$297-$520-$38-$124
Cost Adjusted Rate Difference-0.13%-0.08%-0.06%+0.01%-0.02%
National Star Rating(4)(4)(4)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.12%+0.02%+0.00%+0.01%+0.02%
Loan Related Closing Cost Difference-$905-$177-$760-$1-$135
Cost Adjusted Rate Difference+0.04%+0.00%-0.01%+0.01%+0.02%
Average Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

As a summary, US Bank is cheap for Conforming, FHA and Jumbo purchase mortgages. It is similar to other lenders for USDA and VA purchase mortgages. For refinancing, US Bank is similar to other lenders for Conforming, FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about US Bank:

Registered name: Us Bank
Registered city and state: CINCINNATI, OH, 45202
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: U.S. BANCORP

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for US Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.