Houston and Dallas start July with the cheapest mortgage rates

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Borrowers are paying less for fixed-rate home loans in Houston than in any other major city according to our weekly survey of mortgage rates in 25 metro markets.

The average cost of a 30-year, fixed-rate home loan in those cities was 4.73% in our survey of major lenders taken June 29.

The average 15-year loan cost 3.90%.

But in the Houston area, 30-year loans averaged only 4.55% and 15-year home loans just 3.68%.

Dallas has fixed-rate mortgages only slightly higher than in Houston and the cheapest adjustable-rate home loans.

The average introductory rate for a five-year ARM in the 25 cities we survey was 3.41% -- but just 3.00% in the north Texas metro area.

Here are the complete results of our city-by-city survey of interest rates:

Average Mortgage Rates in 25 Major Cities

Market 30-year fixed 15-year fixed 5/1 ARM
New York 4.68% 3.85% 3.38%
Los Angeles 4.73% 3.96% 4.21%
Chicago 4.66% 3.85% 3.44%
San Francisco 4.83% 3.99% 3.46%
Philadelphia 4.64% 3.77% 3.28%
Detroit 4.70% 3.90% 3.42%
Boston 4.79% 3.77% 3.28%
Houston 4.55% 3.68% 3.34%
Dallas 4.68% 3.82% 3.00%
Washington, D.C. 4.75% 3.97% 3.62%
Miami 5.01% 4.01% 3.50%
Atlanta 4.88% 4.00% 3.38%
Cleveland 4.81% 4.00% 3.38%
Seattle 4.66% 4.00% 3.10%
San Diego 4.83% 4.15% 3.68%
Minneapolis 4.69% 3.81% 3.13%
St. Louis 4.69% 3.85% 3.15%
Baltimore 4.67% 3.88% 3.15%
Pittsburgh 4.69% 3.94% 3.06%
Phoenix 4.69% 3.73% 3.29%
Tampa 4.91% 3.97% 3.50%
Denver 4.74% 3.84% 3.46%
Cincinnati 4.60% 3.92% 3.42%
Milwaukee 4.64% 3.84% 3.77%
Kansas City 4.63% 3.83% 3.21%

If you’re in the market for a home, compare the best rates from scores of lenders in your area.

You can also use our calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.

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