Q:

What are the average mortgage rates from credit unions?

A:

Quick Answer

As of 2014, the average mortgage rate from a credit union for a 30-year fixed mortgage is 4.29 percent, according to MyCreditUnion.gov. This rate compares favorably to the average bank's rate of 4.28 percent for mortgages.

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Full Answer

While credit union mortgage rates may be very similar to those of banks, the fees they charge for mortgages are likely to be lower, as Bankrate explains. Banks charge higher fees because they must generate revenue for their investors, while credit unions are jointly owned by their members. Credit unions are also more likely to make mortgage loans to home buyers with less than outstanding credit and to first-time home buyers.

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