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 Bankrate.com and Interest.com 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.