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.

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 Bankrate.com and Interest.com.

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.