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Low 30 Year Fixed Mortgage Rate from AimLoan.com – 4.375%

May 4, 2009 By

This is the lowest published rate we have seen.  To qualify for 4.375% you have to pay $1,9995 in fees and 1.67% discount points (Every $100,000 in mortgage equals $1,670 in fees).  If your mortgage rates are higher than 6%, it makes sense to refinance as you can easily recoupe back the fee within one or two years.

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The rate is only for conforming loans, meaning the loan can’t exceed more than $417,000 and borrowers must high excellent credit scores.

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Mortgage Rates for Top 10 Cities – March 2009

March 11, 2009 By

Mortgage Rates for Top 10 Metropolitan Areas in US as of March 04, 2009.  This information is very handy when you speak to your banker or mortgage broker as you can use the number as your guideline.  Most likely banks and mortgage brokers can’t beat the numbers but don’t expect to pay a lot more than the normal average rates.

Average mortgage rates and points in the top 10 markets
  Fixed 15-year Fixed 30-year 5-year ARM
Market Rate Points Rate Points Rate Points
New York Metro 5.04 0.31 5.51 0.25 5.84 0.27
Los Angeles 5.20 0.24 5.54 0.25 5.31 0.49
Chicago 5.03 0.19 5.62 0.19 5.16 0.57
San Francisco 4.91 0.38 5.35 0.39 5.28 0.40
Philadelphia 4.89 0.52 5.44 0.41 5.44 0.53
Detroit 5.11 0.19 5.64 0.20 5.63 0.20
Boston 4.90 0.27 5.32 0.28 5.31 0.17
Houston 4.77 0.87 5.33 0.77 5.25 0.66
Dallas 4.79 0.46 5.33 0.86 5.34 0.43
DC Metro 4.65 0.70 4.99 0.93 5.20 0.90
Brm National Index 4.93 0.41 5.41 0.45 5.40 0.43

source: BankRate

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