M&T Bank Mortgage Interest Rate and Cost Review

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

Review ItemM&T Bank
Interest Ratesimilar to other lenders (-0.04%)
Loan Related Closing Costssimilar to other lenders (-$140)
National Rate and Closing Cost Star Rating(4)

On average, M&T Bank’s interest rates were similar to those of other lenders (-0.04%). Its loan related closing costs were also similar to those of other lenders, with a difference of -$140. Overall, combining interest rates and closing costs we estimate that M&T Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit M&T Bank, its website is located at: https://www3.mtb.com.

M&T Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track M&T Bank was most active in:

  1. Buffalo, NY
  2. Baltimore, MD
  3. Rochester, NY
  4. Washington, DC
  5. Jersey City, NJ

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

  1. Middletown, DE, overall
  2. Erie, PA, for FHA mortgages
  3. Binghamton, NY, for Jumbo mortgages
  4. Williamsport, PA, for Jumbo mortgages

M&T 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, M&T 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.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%-0.13%-0.03%-0.00%-0.05%
Loan Related Closing Cost Difference-$149-$503+$78-$36+$16
Cost Adjusted Rate Difference-0.04%-0.17%-0.02%-0.01%-0.04%
National Star Rating(3.5)(4.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.05%-0.01%-0.01%-0.00%-0.00%
Loan Related Closing Cost Difference-$40-$119+$64+$9-$36
Cost Adjusted Rate Difference-0.05%-0.02%-0.01%-0.00%-0.01%
Average Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

As a summary, M&T Bank is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo, USDA and VA purchase mortgages. For refinancing, M&T 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 M&T Bank:

Registered name: M&T Bank
Registered city and state: Buffalo, NY, 14210-1351
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: M&T BANK CORPORATION

* 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 M&T 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.