- Kale
FIRE: Where can I find the LOWEST mortgage rate?
SEPTEMBER 2020: If you are going to buy, you should at least be sure you are getting the lowest rate.

So you need a loan.
Hopefully, you are doing so to purchase a very reasonably priced abode.
As I've written about in prior articles, purchasing a home for $140,000 or less is a great financial move and results in the equivalent of paying $1,100 for an apartment (including a 20% repair/maintenance buffer) at first. You then begin to accrue equity in the residence so it becomes an even better deal over the 15-30 year life of the loan (at which point, your payments finish - unlike rent).
For the sake of this article, I'm assuming you are following my advice and taking out a $140,000 + putting 20% down on it ($28,000).
So there are really 3 places you can go for home mortgage loans.
Banks.
Credit Unions
Online (non-bank) Lenders
So let's check out banks first.
Per bankrate.com, the lowest 30-year loan rate comes to us courtesy of Bank of America.
The rate published as of 9.10.20 is 2.750%.
This comes out to a $457/month payment.
Not bad and crazy low from a historical perspective.
On to credit unions.
Credit unions are almost always the superior option over banks as they do not pay taxes and can thus offer lower rates.
The biggest con is that you may need to meet certain criteria to join.
One of the best options is Navy Federal Credit union on a 30-year loan.
The rate published as of 9.10.2020 is 2.375%.
Ending with online (non-bank) lenders.
These are the supposed best of the bunch as they operate under a completely different business model (funded by public/institutional funds that compete with banks).
The most well-known player here is Rocket Mortgage by Quicken.
They are currently sitting at 2.99%.
There may be other marginally lower options (that are extremely hard to find) but my general advice is to use a credit union for your mortgage.
Happy saving.