Best Mortgage Rates Remain Below 5%

Lenders are offering traditional 30-year mortgages for 4.875% in all but one of the 10 cities we checked in our January home loan survey.

Although that’s a little higher than we found in our November survey, it’s substantially less than you would have paid to buy or refinance a home last summer.

In June you couldn’t find a bank or mortgage broker offering these kinds of loans for less than 5.25% in any of the markets we checked.

By any historical standard, a 30-year, fixed-rate loan that costs less than 6.5% is a good deal. That makes today’s rates nothing short of spectacular.

READ THE ENTIRE POST INCLUDING CITY-BY-CITY RESULTS.