The number on the flyer isn't the number you pay
Advertised rates are almost always tied to points, credits, or other trade-offs baked into the offer. Two lenders can quote the same rate and have completely different real costs once you look at cash to close and the credits or points behind that rate.
The math that actually matters
The real question is total cost over the time you plan to hold the loan. That means combining rate, monthly payment, closing costs, and any points paid, then measuring the break-even against how long you realistically expect to keep the mortgage. Sometimes a slightly higher rate is genuinely cheaper. Sometimes a rate buydown pays for itself. The numbers decide.
How to compare offers apples-to-apples
Ask for the Loan Estimate, then line up rate, points, lender credits, and total closing costs side by side. Anything else is marketing. This is the analysis I run for every client before recommending a path.