US Bank Mortgage Interest Rate and Cost Review

Is US Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by US Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.01%)
Loan Related Closing Costslower than average (-$708)
National Rate and Closing Cost Rating(3.5)
Websitehttps://www.usbank.com/

On average, US Bank’s interest rates were similar to those of other lenders (+0.01%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$708. Overall, combining interest rates and closing costs we estimate that US Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

US Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets 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

Furthermore, US Bank is our top ranked 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

You can click through to check out US Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

US Bank’s Rates 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. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
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%
Star Rating(4.0)(4.0)(4.0)(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%
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, and we always recommend shopping among several 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.