bank rates

Top Mortgage Rates Fall Back Toward 5%

Mortgage Rates, July 2009 Mortgage rates are a little higher than the record lows we saw this spring.

But home loans cost a quarter-point less than they did in June, and there are some very good deals out there.

We searched the extensive database of mortgage rates on and for a dozen cities.

Here’s the lowest rate we found for what we consider to be the best loan for most purchases and refinancings: A 30-year, fixed-rate loan with no points and fees of less than $2,000:

Albany, N.Y.: 5.00% from The Money Store.

Atlanta: 4.875% from Georgia Southern Mortgage.

Birmingham, Ala.: 5.00% from aasent mortgage corp..

Chicago: 5.125% from Sterling Home Mortgage.

Houston: 5.00% from Fearon Financial.

Los Angeles: 5.00% from NationsChoice Mortgage.

New York: 5.00% from The Money Store.

Oklahoma City: 5.375% from Bank of Oklahoma.

Orlando: 5.00% from Quick Quote Mortgage.

Phoenix: 5.00% from NationsChoice Mortgage.

Portland, Ore.: 5.00% from Habitat Financial.

St. Louis, Mo.: 5.00% from American Home Lending Group.

We suspect you’ll find similar offers if you search those databases for the best deals in your city or town.

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 (1)
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One Existing Comment
  1. no deposit home loans said:
    on July 21st at 05:59 am

    You have done a nice work there.It seems the economy is still low.