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.
That’s a little higher than we found in our November survey of the best mortgage rates.
But six months ago 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 reviewed.
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 refinancings and purchases.
The best deals we found last week were:
Baltimore: 4.875% from Aurora Financial.
Chicago: 4.875% from Total Mortgage Services.
Dallas: 4.875% from D&H Lending Services.
Indianapolis: 5.00% from Stonegate Mortgage Corp.
Los Angeles: 4.875% from Compass Lending Corp.
Minneapolis: 4.875% from The Money Store.
New Orleans: 4.875% from AimLoan.com.
New York City: 4.875% from Mortgage Capital Associates.
Phoenix: 4.875% from NationsChoice Mortgage.
San Diego: 4.875% from American Interbank 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.