bank rates

Mortgages For 4.875% With No Points

With the Federal Reserve flooding the mortgage market with money, interest rates have plunged to record lows.

What’s the best deal out there?

We searched the extensive database of mortgage rates on and and found a growing number of lenders offering 30-year, fixed-rate loans for 4.875%, with no points and fees of less than $1,000.

Here’s where you can find that deal in more than a dozen markets across the country:

HSBC Bank and Astoria Federal Savings & Loan on Long Island, N.Y.

Mortgage Capital Associates in Richmond, Va., Cherry Hill, N.J., Atlanta, Ga., Denver, Colo., Salt Lake City, Utah, Phoenix, Ariz., Seattle, Wash. and Pasadena, Calif.

Bank of Oklahoma in Oklahoma City and Tulsa.

M&I Bank in Kansas City, Mo., Phoenix, Ariz., and Minneapolis, St. Paul, and Rochester, Minn.

Regions Bank in Tampa, Fla. and Kansas City, Mo.

The fine print: These rates are for borrowers with credit scores of at least 700 and conforming loans, which means they’re for less than $417,000. 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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Comments (2)
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2 Existing Comments
  1. Lolo said:
    on April 3rd at 11:59 am

    HSBC mortgage brokers/loan offices are difficult to work with. They somehow increase fees. Customer service is very bad and the applicant has to fight to get promised rates. I speak from experience in the NY/NJ area and I recently refi’ed with them. If you are experienced with the process and don’t go in with high emotion you can fight to get them to do your loan. It is not easy.

  2. gloaga said:
    on June 29th at 08:15 pm

    I just contacted Astoria Federal Savings for a pre-approval. After speaking to an agent for 5 minutes, I had faxed over to him the needed documentation, within an hour I had my pre-qualification certificate on hand. Not only was the agent very efficient, he also had suggested couple of points to me that may increase my buying power during negotiations with the seller. So far so good, no complaints – knowledgeable, efficient and helpful. Hopefully I won’t stumble upon any obstacles with them down the road.