Same Month, Different Mortgage Rates: Realtor.com Finds a 93-Basis-Point Spread Among Buyers
A new Realtor.com study of 1.35 million purchase loans finds the middle 80% of borrowers landed on rates 93 basis points apart in the same month. Lender shopping was the fastest lever.
By Christopher Salem · 4 min read
Why This Matters
The national average rate is a starting point, not a quote. A new Realtor.com analysis finds that buyers borrowing in the same month landed on rates nearly a full percentage point apart, and some of the factors behind that gap are within a borrower's control.
Cover: Original mortgage.news editorial illustration of three loan offers compared side by side.
Mortgage headlines this week focus on one number: the average 30-year fixed rate crossing 7%. A report released October 1 by Realtor.com argues that average hides a wide range of real outcomes.
The study used Freddie Mac's Single-Family Loan-Level Dataset, covering more than 1.35 million purchase loans originated from January 2023 through December 2025.
How wide the range is
Realtor.com framed its findings around a month when the median borrower received 7%. In that case, half of borrowers would land between 6.73% and 7.21%. The middle 80% would land between 6.50% and 7.43%.
That 93 basis point spread (a basis point is one hundredth of a percentage point) is worth about $28,400 in home price for a buyer with a $2,000 monthly principal and interest budget, according to the report. Realtor.com said the range across borrowers in a single month is slightly wider than the typical move in the headline rate over most three-month periods.
| Factor in the report | Estimated rate difference |
|---|---|
| Typical vs. very competitive retail lender | About 19 basis points |
| Credit score from the 680s to 720 | About 11 basis points |
| Credit score below 640 to 780 plus | About 32 basis points |
| Down payment from 5% to 9% up to 10% to 14% | About 5.5 basis points |
| Down payment from 15% to 19% up to 20% | About 0.7 basis points |
Shopping is the fastest lever
Credit score had the largest independent effect in the analysis, but it can take months to change. Lender choice can change this week.
In 2025 data, a very competitive retail lender beat the Freddie Mac headline rate by about 17 basis points, while a typical retail lender came in about 2 basis points above it. Brokers and correspondent lenders generally priced about 5 to 6 basis points below retail lenders after accounting for borrower traits, timing and location.
"A strong lender offer can be worth roughly twice as much as moving from a 690 to a 720 credit score," said Realtor.com senior economist Jake Krimmel.
Twenty percent down is mostly about insurance
One finding may surprise buyers. Moving from 15% to 19% down up to exactly 20% barely changed the rate. The bigger benefit at that point is ending private mortgage insurance, which can lower the monthly payment even when the rate does not move.
That is why the report recommends comparing total monthly cost, including insurance, closing costs and any discount points, rather than rate alone.
What the report does not show
These are statistical associations from past loans, not a promise of what any single borrower will be offered. The dollar figures assume a specific $2,000 monthly budget. Pricing today is also moving quickly, as covered in our report on Treasury yields earlier today.
Practical takeaway
For buyers ready to act, ask several lenders for official Loan Estimates on the same day and compare the rate, points, lender credits, mortgage insurance and total closing costs side by side. For buyers with more time, check whether a credit score sits just below 700 or 720.
A loan officer might put it this way: "The average rate tells you the market. Your quote depends on your credit, your down payment and where you shop, so let's compare full offers, not headlines."