In 2025, with the Federal Reserve’s policy raising rates to tame inflation, mortgage rates have jumped. That’s why many buyers are paying close attention to M&T Bank mortgage rates.
Known for their local support, wide loan options, and competitive rates, M&T offers solutions that fit both first-time buyers and experienced homeowners. In this guide, we’ll explore their latest rates, loan types, and whether M&T is the right choice for you.
About M&T Bank
M&T Bank has been helping people finance homes for over 160 years. Founded in 1856, it has grown into one of the largest regional banks in the U.S., serving millions of customers across 12 states and Washington, D.C. You’ll find their branches throughout New York, Pennsylvania, Maryland, Virginia, and other parts of the Northeast and Mid-Atlantic.
What makes M&T different is their personal approach. While many lenders are moving to 100% online systems, M&T continues to offer face-to-face support through over 700 branch locations. Their loan officers work directly with customers, giving personalized guidance from start to finish.
They also understand local housing markets better than most big banks. Since their underwriting and customer service teams are based in the communities they serve, they’re able to offer advice that’s specific to your area. And even though M&T isn’t a nationwide fintech, the M&T Bank mortgage rates are often competitive, especially when you factor in the hands-on help you get along the way.
M&T Bank Mortgage Rates Today
As of July 2025, M&T Bank offers a wide range of mortgage rates depending on the loan type and term length. Here’s a breakdown of what you can expect:
- 30-year fixed-rate mortgage: M&T Bank 30-year mortgage rates are currently between 6.50% and 6.63%, with an APR around 6.83%. This is the most popular option for long-term homeowners because monthly payments stay the same over time.
- 15-year fixed-rate mortgage: These rates are lower, sitting around 5.87%. With this option, you pay off your home faster and save on interest, but monthly payments are higher than with a 30-year loan.
M&T Bank mortgage interest rates today (as of July 2025):
| Loan Program | Loan Type | Rates as Low as | APR |
|---|---|---|---|
| Conforming | 30-Year Fixed | 6.625% | 6.831% |
| 15-Year Fixed | 5.875% | 6.191% | |
| 5-Year Adjustable | 5.875% | 6.273% | |
| FHA | 30-Year Fixed | 6.500% | 6.835% |
| 15-Year Fixed | 6.250% | 6.733% | |
| VA | 30-Year Fixed | 6.500% | 6.835% |
| 15-Year Fixed | 6.250% | 6.733% | |
| Jumbo | 30-Year Fixed | 6.625% | 6.752% |
| 15-Year Fixed | 6.375% | 6.728% | |
| 5-Year Adjustable | 5.625% | 4.811% |
Note:
- The sample M&T Bank mortgage rates shown are based on specific assumptions. For Conforming, FHA, and VA loans, the estimated loan amount is $225,000 with a property value of $375,000. For Jumbo loans, the loan amount is set at $1,000,000, tied to a $1,250,000 property. All scenarios assume the home is an existing single-family residence located in Erie County, NY, and will be used as a primary residence. A 60-day rate lock is included, with an escrow account required. The assumed borrower has a credit score of 740, and the APR calculations reflect about 2 discount points paid at closing.
- M&T Bank mortgage refinance rates for similar loan types tend to match these numbers, with APRs slightly higher due to refinancing fees.
Are M&T Bank Mortgage Rates Competitive?
So, how do these current M&T mortgage rates compare with other lenders in the market?
Let’s look at the pros first:
- The 30-year fixed rate of around 6.625% falls near the middle of the national average, which ranges from 6.4% to 7.0% in July 2025. It’s not the absolute lowest, but it’s far from the highest.
- M&T provides a wide selection of loans, including ARMs, FHA, VA, jumbo loans, and much more.
- Borrowers gain access to local service and in-person guidance, something many online lenders don’t offer.
Now for the cons:
- Because M&T is a regional bank, it may not always beat the rates offered by large national brands or online-only lenders.
- Some borrowers may find it frustrating that M&T Bank mortgage rates for many loans aren’t listed online. This lack of transparency makes rate shopping a bit harder.
Still, for people living in M&T’s service areas, and especially those who want support throughout the process, the bank’s slightly higher rate could be worth the peace of mind and personal attention.
In closing, M&T Bank offers reasonable mortgage rates for the middle of 2025. However, your actual rate may vary depending on your credit score, down payment, loan size, and whether you choose to pay discount points upfront.
Why M&T Bank Mortgage Rates Matter in 2025
In 2025, mortgage rates play a huge role in how much homebuyers end up paying, not just today, but for decades to come. Right now, the average 30-year fixed mortgage rate is around 6.6%. That means if you borrow $250,000, your monthly payment could be over $1,600, much higher than it was just a few years ago when rates were closer to 3%.
This increase may not sound like much at first, but it adds up fast. This makes good mortgage deals like those from M&T more important. Picking the wrong loan term, a lender with higher fees, or a rate that doesn’t fit your budget could hurt you financially for years. In short, M&T Bank mortgage rates matter because they offer some relief in a tough market and significantly support new buyers.
Mortgage Options Available at M&T Bank
M&T Bank offers a variety of mortgage products to fit different needs, whether you’re a first-time homebuyer, a veteran, or purchasing a high-value property. Here’s an overview of the main types available:
Fixed-Rate Mortgages
These loans have the same interest rate for the entire term. Fixed terms of 10, 15, 20, and 30 years are available from M&T. You’ll have predictable monthly payments, making it easier to plan your budget.
- Terms include 10, 15, 20, or 30 years
- Ideal for buyers who want steady payments they can count on
- Great for people planning to stay in their home long term
Adjustable-Rate Mortgages (ARMs)
ARMs typically start with a lower interest rate than fixed loans, but the rate can change after an initial period (usually 5, 7, or 10 years). M&T offers ARMs to borrowers with at least a 620 credit score and a minimum 5% down payment. These are ideal if you plan to move or refinance before the adjustable period kicks in.
FHA Loans
Backed by the government, FHA loans are designed for buyers with lower credit scores or limited down payment savings. You can qualify with a credit score as low as 580, and the minimum down payment is 3.5%. FHA loans also allow higher debt-to-income ratios, making them accessible to more borrowers.
VA Loans
These loans are available to veterans, active-duty service members, and some military spouses. They offer great perks:
- 0% down payment
- No private mortgage insurance (PMI)
- Competitive M&T Bank mortgage rates
You’ll typically need a 620+ credit score to qualify.
Jumbo Loans
If you’re buying a home that costs more than $726,200 (or the conforming loan limit in your area), you’ll need a jumbo loan. M&T offers jumbo loans up to $3 million, but you’ll need:
- A credit score of at least 700
- A 10% down payment or more
These loans are great for luxury homes or high-priced areas.
Home-Starter Mortgages (for First-Time Buyers)
M&T has a special mortgage for first-time buyers. It’s called the Home-Starter mortgage. Here’s what makes it unique:
- Low down payment required
- You can finance closing costs
- No PMI
Use non-traditional credit history, like rent or utility payments, to qualify
This loan is ideal if you’re just getting started with your homeownership journey.
Home Equity Line of Credit (HELOC) – CHOICEquity
If you already own a home and want to borrow against your equity, M&T offers a flexible home equity line of credit called CHOICEquity. It works like a credit card, allowing you to borrow and repay funds as needed.
M&T Mortgage Fees & Closing Costs to Expect
When getting a mortgage, it’s important to think beyond the rate. Fees and closing costs can add a few thousand dollars to your upfront expenses, so knowing what to expect will help you budget better.
- Origination and appraisal fees typically land between $1,300 and $1,400, depending on the loan type and property.
- Total closing costs (including things like title insurance, escrow, underwriting, and taxes) usually range from 2% to 5% of your loan amount. So for a $200,000 mortgage, you might pay between $4,000 and $10,000 in closing fees.
The good news? M&T sometimes offers discounted points or lender credits, which can help reduce some of these costs. M&T’s rate quotes often assume that you’ll pay 2 discount points at closing. Each point is equal to 1% of your loan amount. So, on a $300,000 loan, two points would cost $6,000.
Paying points can lower your M&T Bank mortgage rates, but it increases your upfront cost. It makes sense only if you plan to stay in your home long enough to break even.
It’s always a good idea to ask for a breakdown of your interest rate with and without discount points so you can decide which option works best for your financial goals.
Eligibility & Approval Requirements
Before applying for a mortgage with M&T, it’s helpful to understand what lenders are looking for. While every application is reviewed individually, here are the general requirements to qualify for most M&T mortgage products:
- Credit Score: Most standard mortgages require a score of at least 620. You can be eligible for FHA loans even if your score is as low as 580.
- Down Payment: Depending on the loan, the down payment may vary from 0% to 20%.
- VA and USDA loans often allow 0% down
- FHA loans need as little as 3.5% down
- Jumbo loans may require 10%–20% down
- Loan-to-Value Ratio (LTV): The higher your down payment, the lower your LTV. If your LTV is over 80%, you might need to pay for private mortgage insurance (PMI).
- Documents You’ll Need:
- W-2 forms from the last 2 years
- Pay stubs from the past month
- Bank statements
- Tax returns
- Proof of any additional income or assets
- Debt-to-Income (DTI) Ratio: Most lenders, including M&T, prefer your total debts (including mortgage) to be less than 50% of your gross monthly income.
To make things easier, M&T offers online calculators and a pre-qualification tool. These help you estimate your buying power and understand monthly payments before you commit to the full application process. It’s a smart first step, especially for first-time buyers who want to see how much they can afford.
How to Apply for a Mortgage with M&T Bank
Applying for a mortgage at M&T is a straightforward process. Here’s how it usually goes:
- Pre-qualify: Use M&T’s online mortgage wizard or mobile app to see what you might qualify for based on your finances.
- Choose and lock your rate: Select the loan that fits your needs with acceptable M&T Bank mortgage rates, then lock in your interest rate for a set time, usually 60 days.
- Submit your application: Upload required documents like pay stubs, bank statements, W-2s, and tax returns. The more complete your application, the faster it moves.
- Underwriting review: M&T’s team will verify your financial info. Be ready to answer follow-up questions and submit additional paperwork if needed.
- Clear to close: Once approved, you’ll get a final loan summary and your Closing Disclosure with all the details.
- Closing day: Sign the final paperwork at a title company. Bring your ID and certified funds for closing costs.
- Manage your mortgage: After closing, you can make payments, view statements, and manage escrow through M&T’s online portal or mobile app.
Tips for Getting the Best M&T Bank Mortgage Rates
Getting the lowest possible mortgage rate from M&T Bank takes a little preparation, but the savings can be big over time. Here are some easy-to-follow tips:
- Lock in your rate early: If mortgage rates are rising, don’t wait. Locking in a rate early can protect you from future increases, especially during a 60-day lock period.
- Boost your credit score: The higher your score, the better your rate. Borrowers with a 740+ credit score typically qualify for the lowest M&T Bank mortgage rates, while those between 620–680 may pay more in interest or need to pay extra fees.
- Understand APR and discount points: Sometimes a loan with a lower interest rate includes extra costs, like points paid at closing. Be sure to compare the APR, not just the rate, to understand the total cost of the loan.
- Shop around: Even if you’re leaning toward M&T Bank, it’s smart to compare offers from other lenders. This can give you leverage or help confirm you’re getting a good deal.
- Get your documents ready early: Be prepared with your income proof, bank statements, tax returns, insurance information, and signed contracts. Having everything ready helps avoid delays.
- Communicate often: Stay in touch with your loan officer throughout the process. Prompt replies can help speed up underwriting and get you to closing faster.
FAQs About M&T Bank Mortgage Rates
How often do M&T Bank mortgage rates change?
- M&T Bank updates its mortgage rates daily or as market conditions shift. Always check current rates before applying.
Does M&T Bank offer mortgage rate discounts for existing customers?
- Yes. M&T Bank may offer rate discounts or fee waivers for existing banking customers, especially those with eligible M&T checking or savings accounts.
Can I refinance my mortgage with M&T Bank to get a lower rate?
- Yes, M&T Bank offers refinancing options. Depending on your credit, loan-to-value ratio, and current market rates, you might be eligible for a better rate.
Does M&T Bank offer mortgage rate locks?
- Yes, M&T offers rate locks for up to 60 days, allowing you to secure your rate while completing your mortgage application.
How long does closing take?
- Most M&T home loans close within 30 to 45 days, but delays can happen. Some buyers have reported waiting over 60 days, especially if documents are missing or underwriting takes longer.
M&T Bank mortgage rates in 2025 offer a mix of stability and competitive pricing for today’s homebuyers. Whether you’re purchasing your first home or refinancing, M&T provides flexible loan options and helpful support. Their transparent rate structure and digital tools make the process smoother. With the market still adjusting, locking in a good rate now could save you long term.
