bank rates

Best Mortgage Rates Keep Going Down

The best deals on home loans are considerably better than they were last summer.

Lenders are offering 30-year fixed-rate mortgages for 5% or less in half of the cities we just surveyed. The lowest interest rates for a 30-year, fixed-rate mortgage ranged from 5.125% to 4.625% in the cities we just surveyed.

That’s a little better than in August survey, a noticeable improvement over July and way better than in June.

Anyone shopping for a home loan can use these results to judge the deals they’re being offered. And with the average cost of a traditional mortgage a full-point lower than the past three Septembers, this remains a very good time to buy or refinance a home.

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  1. onlinebroker said:
    on October 2nd at 07:31 pm

    Why do they keep going down? Is it only because of the low federal funds rate? Or is it because the housing market is depressed and few people seek loans?