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Best mortgage rates keep going down

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

The lowest interest rates for a 30-year, fixed-rate loan in the 10 cities we just surveyed range from 5.125% to 4.625%.

The best mortgage rates in half of the 10 cities in our new suvery are 5% or lower. That’s a little better than in August, when the range was 5.125% to 4.875%, and a noticeable improvement over July when the best deals ranged from 5.25% and 5.0%.

But the real difference comes in comparing our new results to our June survey — every rate was lower this week.

We look at what we think is the best mortgage for most purchases and refinancings: A 30-year, fixed-rate loan with no points and fees of less than $1,500.

To find the best rates in each market we search the extensive databases at and

The least expensive rates in the cities we surveyed were:

Atlanta: 5.0% from Hometown Lenders.

Chicago: 4.875% from Sterling Home Mortgage.

Dallas: 5.0% from ACH Lending.

Denver: 5.125% from Gold Star Financial.

Kansas City, Mo.: 5.125% from Cap West Mortgage.

Los Angeles: 4.875% from The Money Store.

Miami: 4.65% from United Mutual Funding Corp..

New York: 5.0% from HSBC Bank USA, N.A.

Pittsburgh: 5.125% from Credence Mortgage.

Seattle: 5.0% from Sammamish Mortgage.

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.

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