Where’s My Super-Cheap Mortgage?
There’s a big gap between the lowest advertised mortgage rates and the average rates borrowers actually get.
“With mortgage rates at a 50-year low and banks near his Brookline, N.H., home touting offers of 4% or less, Tom Rogers thought it would be a perfect time to refinance. But in spite of a solid credit score, after an exhaustive survey of lenders in the area and online, Mr. Rogers couldn’t find a single one willing to give him such a rock-bottom rate. He eventually settled for a mortgage almost a full percentage point higher than what he had hoped for.”