FRM Interest Rate Stable at less than 5%

Out of the 10 major cities surveyed this month, 8 of the cities’ financial institutions have recently been offering fixed-rate mortgages at less than 5%.

This is a substantial jump from July, back then only one city offered mortgage rates at less than 5%.  This is almost a return to the way things were in November; current mortgage rates were at an all time low and you could get an FRM in every one of the 10 cities for less than 5%.  The data for the interest rates in each city is available on the databases of Bankrate.com, and Interest.com.

The most popular mortgages among borrowers are 30-year fixed rate loans with neither points nor fees of less than $2,000.  A comparison such offerings from different banks yielded these results:

Atlanta: 4.875% from AimLoan.com.
Boston: 4.875% from Gold Star Inc.
Chicago: 4.875% from Sterling Home Mortgage.
Dallas: 4.875% from Austin First Mortgage.
Los Angeles: 5.00% from Integrity First Financial Group.
Miami: 4.75% from Quick Quote Mortgage.
New York: 4.875% from EverBank.
Phoenix: 4.875% from Interstate Mortgage Service, Inc.
San Francisco: 4.875% from Mortgage Capital Associates.
Seattle: 4.875% from American Interbank.com.

There are conditions though:  Such mortgages are only for conforming loans of less than $417,000, and borrowers need to have credit scores of 700 or better.  Scores from 680 to 699, are allowable, but at a higher rate; at least 1% of the loan value or even higher.

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