Key Takeaways:
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In July 2026, published bank statement loan rates ranged from about 6.00% to 9.50%, depending on the lender, the borrower’s credit, and the size of the loan relative to the property’s value.
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One lender listed a 6.000% rate for borrowers with credit scores of at least 740 and 35% down. At the same credit score with 10% down, the listed rate was 7.125%. The 7.625% figure belongs to the 680–699 credit tier.
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Published estimates suggest bank statement loan rates may be 0.25 to 3 percentage points higher than conventional mortgage rates.
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In the rate table reviewed, putting 35% down instead of 10% lowered the rate by about one percentage point for a borrower with the same credit score.
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For comparison, the average conventional 30-year fixed mortgage rate was 6.49% during the week of July 9, 2026, according to the Freddie Mac PMMS.
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Non-QM mortgages are not tracked by a single public rate index, so the rates published here and elsewhere must be gathered and updated manually. When reviewing published rates, always check when the figures were collected or last updated.
No single advertised rate reflects what every bank statement borrower will pay. In July 2026, published rates varied by more than three percentage points, and estimates of how much these loans cost above conventional financing differed sixfold.
The tables below show each figure along with the borrower scenario and the date it was collected. Find the example that most closely matches your credit score and loan-to-value ratio, then ask the lender for a written quote. Those factors, especially how much you borrow relative to the property’s value, can affect your rate far more than the number featured in an advertisement. Before comparing offers, make sure you meet the criteria outlined on the bank statement loan requirements page
What lenders published in July 2026
| Source | Published figure | Scenario stated | Captured |
|---|---|---|---|
| Griffin Funding | 6.25%–7.5% | July 2026 update for its bank statement program | Jul 2026 |
| Defy Mortgage (full grid below) | 6.000%–7.625% | Primary-residence, 30-year fixed pricing at par, organized by FICO and LTV | Updated Jul 27, 2026 |
| Texas United Mortgage | 6.25%–7.50% | Written range; its calculator displayed 6.624% that day | Jul 13, 2026 |
| Google AI Overview | 6.75%–9.5% | Combined information from seven cited sources | Jul 28, 2026 |
| McGowan Mortgages | 7%–10% | 720+: 7.0%–8.25% · 680–719: 8.25%–9.0% · 620–679: 9.0%–10.0%+ | Page dated Dec 2025 but titled for 2026 |
| theLender | 7%–10% | General market range; 7.5%–9.5% specifically attributed to Angel Oak | No publication date |
| mbanc (illustrative APRs) | 7.678%–8.197% | Primary purchase at 80% LTV and 760 FICO with 2 points; primary cash-out at 70% LTV and 680 FICO with 2 points | Marked illustrative; undated |
| Freddie Mac PMMS (conventional benchmark) | 6.49% | Weekly conventional 30-year fixed average used as the comparison point | Cited Jul 2026 |
These rates come from different loan scenarios and different points in time, so they are not directly comparable. Some of the variation reflects differences in borrower qualifications and loan terms, while some may be due to outdated information. The widest ranges appeared on pages last updated in December or on pages that did not include a refresh date.
How credit score and down payment affect bank statement loan rates
Among the sources reviewed, only one lender published a table this detailed and updated it monthly. The figures below apply to a 30-year fixed mortgage on a primary residence and show how credit score and down payment can affect the rate. The table is included for comparison purposes, not as an endorsement of the lender.
| Loan-to-value | 740+ | 720–739 | 700–719 | 680–699 |
|---|---|---|---|---|
| 65% (35% down) | 6.000% | 6.000% | 6.125% | 6.250% |
| 70% (30% down) | 6.125% | 6.125% | 6.250% | 6.375% |
| 75% (25% down) | 6.250% | 6.250% | 6.375% | 6.500% |
| 80% (20% down) | 6.250% | 6.375% | 6.500% | 6.750% |
| 85% (15% down) | 6.750% | 6.875% | 7.000% | 7.250% |
| 90% (10% down) | 7.125% | 7.250% | 7.375% | 7.625% |
In this example, increasing the down payment lowers the rate more than improving the credit score. For borrowers with credit scores of 740 or higher, increasing the down payment from 10% to 35% changes the listed rate from 7.125% to 6.000%, a drop of 1.125 percentage points. By contrast, keeping the down payment at 10% and moving from the 680–699 credit tier to 740 or higher produces a smaller, 0.5-point reduction
Eligibility caveat: The source grid includes a 680–699 credit / 90% LTV cell, while its accompanying rules require at least 700 at 90% LTV. The cell is retained as historical source data, not proof that this combination is eligible.
Benchmark behind that grid
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The pricing assumes a primary residence with a 30-year fixed loan through a 12 or 24 month bank statement program. Rates are shown at par, without discount points, and do not include fees or APR. According to the source, 90% LTV requires a score of at least 700, 85% LTV requires at least 680, and the program’s absolute credit floor is 620.
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Source: Defy Mortgage’s published rate table, updated July 27, 2026 and captured July 28, 2026.
Is a bank statement loan more expensive than conventional?
Yes, in most cases. The difficult part is determining how large the difference will be for a particular borrower.
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Lower estimate: One lender puts the typical difference at 0.25 to 0.75 percentage point. Its rate table suggests that borrowers with strong credit and a large down payment may receive pricing close to conventional rates.
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Moderate estimates: Griffin Funding estimates that bank statement loan rates run 0.5 to 1.5 percentage points higher. New American Funding and theLender publish slightly broader ranges of 0.5 to 2 percentage points.
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Higher estimates: McGowan reports a difference of 1 to 3 percentage points, while one legal explainer places it at 1.25 to 3 points. If the conventional rate were 7%, that latter estimate would put the bank statement loan rate between 8.25% and 10%.
The difference depends on the borrower’s qualifications. With a 740 credit score and 65% LTV, the rate may be close to conventional pricing. At 90% LTV and a 680 credit score, the gap may exceed one percentage point. Comparisons are only useful when the credit, LTV, and loan terms are similar.
What moves your rate
Loan-to-value
The down payment created the largest rate difference in the published grid. For a borrower with credit of 740 or higher, increasing the down payment from 10% to 35% reduced the LTV from 90% to 65% and lowered the listed rate by 1.125 percentage points. Because lenders price loans in LTV tiers, putting slightly more down may lead to a better rate, especially when it moves the loan below an 85% or 80% threshold. See the bank statement loan down payment tiers for the full breakdown.
Credit score
Credit score has a smaller effect on the rate than LTV in this table. Moving from the 680–699 tier to 740 or higher lowers the listed rate by 0.25 to 0.5 percentage point, depending on the down payment. Credit can have a greater effect on eligibility: borrowing at 90% LTV generally requires a score around 700 to 720, and borrowers below 680 have fewer program options.
Deposit consistency
Because bank statement loans use deposits to calculate income, lenders look at how steady those deposits are from month to month. Regular revenue makes it easier to show that the income is likely to continue. If most of the year’s money arrives in only a few large payments, the lender may review more months of statements or use a lower income figure for qualification
Personal versus business statements
Business deposits are reduced by an expense factor, while qualifying personal deposits are generally counted without that deduction. The chosen account therefore changes qualifying income, which changes debt-to-income and may ultimately affect both approval and price. See how lenders calculate bank statement loan income for the complete method, or calculate your qualifying income from personal or business statements.
Occupancy and loan purpose
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Second homes: Bank statement loans for second homes generally have higher interest rates and require larger down payments than loans for primary residences.
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Investment property: Bank statement loans for investment properties generally have higher rates than those for second homes.
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Cash-out refinances: Bank statement cash-out refinances generally have higher rates or fees than purchase loans and rate-and-term refinances. They also tend to have lower maximum LTVs, meaning borrowers may be able to access less of the property’s value.
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Interest-only: One published source adds about 0.25 percentage point to the rate for an interest-only loan. The lower payment during the interest-only period may help a borrower stay within the lender’s debt-to-income limit.
How to get a lower rate
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Put more down: This is the most dependable way to improve pricing. Twenty percent is the point at which the broadest lender group is likely to compete for the loan. The down payment page explains how the available LTV tiers change with the amount you put down.
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Improve your expense factor before you shop: A CPA letter supporting a lower expense factor raises qualifying income and reduces DTI, which may place the borrower in a more favorable pricing tier. This can be one of the least expensive changes available; see the bank statement loan expense factor explained. Review the remaining eligibility rules on the requirements page.
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Clean up the statements first: Overdrafts and deposits without a documented source can reduce usable income. Two or three cleaner months before applying may strengthen the file more than negotiating after submission.
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Get three quotes on the identical scenario: Keep the property, loan amount, LTV, lock period, points, and statement period constant. Altering any one of those inputs prevents a fair comparison. Use our comparison of bank statement loan lenders to compare lenders, then get three quotes using the same assumptions.
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Compare APR, not just rate: Points and fees differ substantially across non-QM lenders. One set of published illustrative APRs assumed two discount points; that offer cannot be compared directly with a rate quoted at par.
Why these rates move
Bank statement loans are non-qualified mortgages because they use bank deposits, rather than traditional tax-return income calculations, to qualify borrowers. Fannie Mae and Freddie Mac generally do not buy loans underwritten through typical bank-statement programs, so lenders may fund them through warehouse lines or sell them to private investors. Some are later pooled into non-agency mortgage-backed securities. Because their pricing also reflects private-market demand, funding costs, and risk, their rates may not move in lockstep with conventional mortgage rates. The pros and cons of bank statement loans guide covers the broader trade-offs of a bank statement loan.
Use conventional rates as a general reference, but do not assume bank statement loan rates will always be a set amount higher. Bank statement loan rates may move closer to conventional rates when investor demand for non-QM loans is strong, and further away when demand weakens.
Frequently Asked Questions
What did the July 2026 rate snapshot show?
As of July 2026, published bank statement loan rates ranged from about 6.00% to 9.50%, with some market guides quoting rates as high as 10%. One lender listed rates from 6.000% for borrowers with credit scores of 740 or higher and 35% down to 7.625% for borrowers in the 680–699 credit tier with 10% down. Rates can change weekly, so request a current written quote based on your credit, down payment, and loan details.
Are bank statement loan rates higher than conventional?
Usually, yes, although published estimates place the difference anywhere from 0.25 to 3 percentage points. Strong credit and a large down payment may bring a bank statement loan rate close to a conventional rate. Weaker credit combined with 90% LTV, or 10% down, can make the bank statement loan rate more than one percentage point higher. For comparison, Freddie Mac’s average conventional 30-year fixed rate was 6.49% for the week of July 9, 2026.
What is a good bank statement loan rate?
In July 2026, a good rate for a strong application was in the low-to-mid 6% range. For example, one published grid listed 6.250% for a borrower with credit of 740 or higher and 25% down. A borrower with good credit and 20% down who is quoted more than 8% should compare at least two additional offers with the same loan terms, and check whether any quote includes discount points.
Does a bigger down payment lower a bank statement loan rate?
Yes. A larger down payment can lower a bank statement loan rate, sometimes by a substantial amount. In one lender’s July 2026 rate table, increasing the down payment from 10% to 35% lowered the listed rate from 7.125% to 6.000% for borrowers with credit scores of 740 or higher. Putting more down also reduces the monthly payment and debt-to-income ratio, which can help the borrower qualify.
Do bank statement loans have fixed rates?
Yes. A 30-year fixed term is standard, and some lenders also provide 40-year fixed loans, adjustable-rate mortgages, and interest-only structures. One published source prices interest-only payments about 0.25 percentage point higher. Extending the term to 40 years reduces the monthly payment and may improve a marginal DTI, but it also produces substantially more interest over the loan’s full life.
How often do bank statement loan rates change?
Bank statement loan rates can change daily, although lenders may publish new rate sheets weekly. Because private investors fund these loans, their rates do not always move in the same direction or by the same amount as conventional mortgage rates.