1. FICO score
2. are you paying points/fees?
3. Are you talking a 30 year fixed?
Most important is to shop around and do not just rely on the Internet. Check local lenders too!
Your friend in Charlottesville
To answer your question though and for ballpark purposes, with ideal circumstances (20% down, purchase loan, full documentation, 780+ credit score, $400k loan amount), competitive interest rates as of today would be around:
5/1 ARM @ 5.900%
7/1 ARM @ 6.200%
30 year fixed @ 6.400%
Hope this helps! Best of luck.
Keep in mind that mortgage brokers do not work in your best interest (and neither do loan officers). They often try to get you to take a higher rate because the lender will pay points to "you" for taking a higher rate (called a rebate). Often times, the broker/officer does not share those rebates with you and instead pockets them himself. The rebates are often times capped at 3% of the mortgage ($12K on a $400K mortgage!!!). That's in addition to any points he may be charging you upfront for his services.
If you are working with a broker, ask him to share with you his wholesale price sheet. If he won't, he's likely trying to rip you off. As middleman, he should make some money on the transaction but he shouldn't be afraid to show you how much!
Licensed Real Estate Salesperson
Charles Rutenberg Realty