bank rates

Best Mortgage Rates Stay Below 5%

Lenders are offering traditional fixed-rate mortgages for less than 5% in nine of the 10 major cities we surveyed this month.

Lenders are offering traditional fixed-rate mortgages for less than 5% in nine of the 10 major cities we surveyed this month.

That’s quite an improvement from July when only one of the 10 cities we looked at had those loans available for less than 5%.

It’s nearly as good as what we found in November, when average mortgage rates plunged to new record lows and loans were available for less than 5% in every single city we surveyed.

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.

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