If you have good credit and a down payment (or some equity if you’re refinancing) there’s no reason to pay 5% or more for your mortgage.
The best deals we could find on 30-year, fixed-rate loans in 10 major cities now range from 4.875% to 4.625%.
This the first month that every single city we’ve looked at had a rate below 5%, which is a substantial improvement over the 5.125% to 4.875% range we found in our October survey.
Those results reflect the fact that the average rate on 30-year, fixed-rate mortgages fell to a record low 5.06% last week.
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