Compare average mortgage rates in 25 major cities, instantly
Where you live makes a big difference in what you'll pay to finance a home.
That's why we're launching a permanent new page that shows the average cost of three popular types of mortgages in 25 major cities.
Click on the link above and check it out.
It's a great benchmark to tell if you're paying too much for your current loan or for any new one you're being offered to buy or refinance a home.
You deserve a loan with a below-average rate, but you can't land that kind of deal without knowing what the typical loan costs in your city.
Every rate on this page will be updated weekly based on the results of our long-running survey of major lenders. So you'll know the information is current.
That makes this a page you'll want to bookmark and check on a regular basis. We'll even let you put the chart with the actual numbers on it on your blog or website. Just grab the embedding code.
This week, for example, you'll see that 30-year, fixed-rate loans cost an average of 4.29% nationwide.
But borrowers in Seattle are enjoying the lowest rates in the country, paying an average of just 4.17%, while borrowers in Boston are stuck with the most costly home loans, paying an average of 4.49%.
That means the typical Beantown borrower must come up with $19 more a month for every $100,000 he or she owes than home buyers in Seattle.
Check the chart, and you'll find that the cheapest 15-year, fixed-rate loans -- a favorite with borrowers refinancing their homes -- are in Houston.
If an adjustable-rate mortgage makes sense for you, the least expensive five-year ARMs are in Chicago and Minneapolis.
Mortgage rates have been going up this month. Most of the averages in our survey rose a tenth-of-a-point or more over the past week.
But we're still entering the spring buying season with interest rates cheaper than they've ever been this time of year.
Home loans are typically selling for a quarter to three-quarters of a point less than they did last spring.
Indeed, they remain close to the record lows reached this winter.
The lowest averages ever recorded in our survey are:
- 30-year, fixed-rate loan: 4.10%, set on Feb. 29.
- 15-year, fixed-rate loan: 3.34%, last reached March 7.
- 5/1 ARM: 3.02%, last reached Feb. 1.
- 30-year jumbo loan: 4.55%, last reached Feb.8.