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Best Mortgage Rates Remain Below 5%

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.

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.

To find the best rates in each city we search the databases at Bankrate.com and Interest.com.

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.

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