The best deals on home loans remained as good as they were in September.
The lowest rates for a 30-year, fixed-rate mortgage ranged from 5.125% to 4.875% in the 10 cities we surveyed this month, almost identical to the 5.125% to 4.625% range we found in September.
That definitely beats the best deals we were seeing over the summer with one caveat. Although interest rates are lower, the fees lenders are charging to arrange home loans are a little higher this fall.
We think a traditional 30-year, fixed-rate loan with no points and fees of $2,000 or less is the best mortgage for the majority of purchases and refinancings.
The least expensive rates in the cities we surveyed were:
Boston: 4.99% from Total Mortgage Services.
Chicago: 4.875% from InterBank Lending.
Cincinnati: 4.85% from ThirdFederal Savings & Loan.
Houston: 5.125% from D&H Lending.
Los Angeles: 4.875% from Nations Choice Mortgage.
New York: 4.875% from The Money Store.
Philadelphia: 5.00% from TD Bank, NA.
Phoenix: 5.0% from Mortgage Capital Associates.
Tampa: 5.065% from Bank Atlantic.
Washington, D.C.: 5.0% from BB&T.
The fine print: These mortgage rates are for conforming loans (less than $417,000), and for borrowers with credit scores of at least 700. For scores from 680 to 699, you’ll usually pay higher fees, up to 1% of the loan value, or a higher rate.