bank rates

Save A Bundle With A 15-Year Refi

Mortgage rates are at their lowest levels in decades, which makes it a great time to buy a home. But it could be an even better time to refinance.

The average 15-year fixed-rate mortgage, a popular term for refinancing, is 4.46% APR — more than a half-point less than the average cost of a 30-year mortgage.

Mortgage rates are at their lowest levels in decades, which makes it a great time to refinance.

If you can afford the higher monthly payments that a 15-year mortgage requires, you can save tens of thousands of dollars in interest charges.

To find the best rates in each market we searched the databases at and

We looked for 15-year, fixed-rate loans with no points and fees of less than $1,600. We think this is a great mortgage for homeowners looking to refinance.

The best deals we found were:

Baltimore: 4.375% with fees of $1,595 from The Money Store

Boston: 4.25% with fees of $695 from Total Mortgages Services

Chicago: 4.375% with fees of $1,440 from PERL Mortgage

Cinncinati: 4.25% with fees of $1,505 from Capital First Home Loans

Kansas City, Mo.: 4.375% with fees of $210 from
Mutual Savings Assn., FSA

Los Angeles: 4.125% with fees of $1,1371 from
Amerimac Plaza West Financial .

New Orleans: 4.5% with $0 in fees from Amerisave Mortgage Corp.

New York Metro: 4.25% with fees of $670 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.

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Comments (2)
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2 Existing Comments
  1. Wendell Brock said:
    on December 17th at 03:13 pm

    This is great info – what are the rates for the Dallas, TX area?

  2. Jeff Hutchison said:
    on April 9th at 08:40 am

    Since the Feds have stopped purchasing Fannie Mae Mortgage Backed Securities and Ginnie Mae 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.