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Best Mortgage Rates Remain 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.

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

We compare 30-year, fixed-rate loans with no points and fees of less than $2,000 because that’s the best mortgage for most borrowers.

The best deals we found were:

Boston: 4.625% from Total Mortgage Services.

Charlotte: 4.875% from Assent Mortgage Company.

Chicago: 4.875% from

Detroit: 4.75% from Amera Mortgage Corporation.

Houston: 4.875% from EverBank.

Los Angeles: 4.875% from

Memphis: 4.875% from Atlantic Mortgage & Funding, Inc.

New York City: 5.0% from Astoria Federal Savings.

Orlando: 4.75% from EZZ Financial

Seattle: 4.875% from Mortgage Capital Associates.

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.

Comments (2)
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2 Existing Comments
  1. Jeff Hutchison said:
    on April 9th at 08:51 am

    Since the Feds have stopped purchasing Mortgage Backed Securities prices on these investments have decreased dramatically. This past year and into this spring mortgage rates were “artificially” low due to the Federal Reserve Boards 1.25 trillion dollar buying spree. Now that they are finished yields on the Fannie Mae and Ginnie Mae mbs’s will not remain low as the 10 year treasury note yields increase.

    Rates are most likely headed up even further unless, in my opinion, the housing market does not show increased signs of improvement this spring and summer. With fewer mortgages written there will be fewer MBS’s for sale and simple supply and demand should increase pricing and decrease yields. However, since the treasury notes and MBS’s are similar investments traders may foresake the MBS market for the treasury market and could see an even further sell off in the mbs market which would be bad, very bad, for mortgage rates. Kind of a wait and see at this point but most economists I think expect rates to follow treasury yield up up and away.

  2. William said:
    on June 23rd at 02:56 pm

    I just refinanced with Total Mortgage Services in Connecticut, they were able to give me the low rate on my refinance. I followed the above link applied and was approved.