First Republic Bank Mortgage Interest Rate and Cost Review

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

Interest Ratelower than average (-0.47%)
Loan Related Closing Costslower than average (-$704)
National Rate and Closing Cost Rating(5.0)

On average, First Republic Bank’s interest rates were lower than those of other lenders (-0.47%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$704. Overall, combining interest rates and closing costs we estimate that First Republic Bank tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5.0 out of 5.0 stars.

First Republic Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track First Republic Bank was most active in:

  1. San Francisco, CA
  2. Los Angeles, CA
  3. Boston, MA
  4. New York, NY
  5. San Jose, CA

Furthermore, First Republic Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. San Francisco, CA, overall
  2. Los Angeles, CA, overall
  3. Boston, MA, overall
  4. New York, NY, overall
  5. San Jose, CA, overall
  6. San Diego, CA, overall
  7. Port St. Lucie, FL, for Conforming mortgages

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

First Republic 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, First Republic Bank originated Conforming and Jumbo 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.

New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.52%-0.16%
Loan Related Closing Cost Difference-$1041+$23
Cost Adjusted Rate Difference-0.56%-0.16%
Star Rating(5.0)(4.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.60%-0.28%
Loan Related Closing Cost Difference-$1041+$421
Cost Adjusted Rate Difference-0.65%-0.28%
Star Rating(5.0)(5.0)

As a summary, First Republic Bank is cheap for Conforming and Jumbo purchase mortgages. For refinancing, First Republic Bank is cheap for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about First Republic Bank:

Registered name: First Republic Bank
Registered city and state: SAN FRANCISCO, CA, 94111
Regulator: Consumer Financial Protection Bureau (CFPB)

* 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 First Republic 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.