Mortgage Rates by City: Compare Rates Across Major Markets
Mortgage rates vary by location due to local housing costs, state regulations, property taxes, and lender competition. Compare rates in major U.S. cities to find the best deal in your market.
Why Mortgage Rates Vary by City
While mortgage rates are largely driven by national economic factors — Federal Reserve policy, inflation, bond yields — they can vary meaningfully by city and state. Local factors like property tax rates, state regulations, housing market competition, average home prices, and the concentration of lenders all influence the rates available to borrowers in different metro areas.
Rates in Major Cities
New York, NY
High home prices, competitive market. Jumbo loans common in Manhattan. Strong lender competition keeps rates competitive.
View NY Rates →Los Angeles, CA
High-cost market with conforming limits up to $1,149,825. Prop 13 keeps property taxes lower than many states.
View LA Rates →Houston, TX
More affordable homes but higher property taxes (no state income tax). Strong FHA and VA loan activity.
View Houston Rates →Chicago, IL
Diverse market from urban condos to suburban homes. Moderate home prices with higher property tax rates.
View Chicago Rates →Phoenix, AZ
Fast-growing market with rapid appreciation. Lower property taxes and strong demand from out-of-state buyers.
View Phoenix Rates →City Rate Comparison
| City | Median Home Price | Avg. Property Tax | Conforming Limit | Key Factor |
|---|---|---|---|---|
| New York | $680,000+ | 1.7% | $1,149,825 | Jumbo-heavy market |
| Los Angeles | $950,000+ | 0.75% | $1,149,825 | High-cost area limits |
| Houston | $320,000 | 2.2% | $766,550 | High property tax, no state income tax |
| Chicago | $340,000 | 2.1% | $766,550 | High property tax rates |
| Phoenix | $430,000 | 0.6% | $766,550 | Rapid appreciation market |
Specialized City Guides
FHA loan limits, rates, and local requirements vary by metro area. See city-specific FHA guides with local loan limits and down payment info.
VA loan benefits are the same nationwide, but local housing costs and funding fee considerations vary. City-specific VA guides for veterans.
How to Get the Best Rate in Your City
Rate Shopping Tips
- Compare at least 3 local lenders — rates can vary 0.25%–0.50% between lenders in the same city
- Check both national and local banks — credit unions and community banks often offer lower rates
- Consider the full APR — includes fees and gives a true cost comparison
- Lock your rate — in volatile markets, a rate lock protects you during the closing process
- Improve your credit first — a 40-point score increase can save 0.25%+ on your rate
Use our mortgage calculator to estimate payments at any rate, or check national rates for today's baseline pricing.
Rates by City
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Official Government Resources
CFPB — Owning a Home
Consumer Financial Protection Bureau guide to buying a home, comparing loan offers, and understanding closing.
HUD — Buying a Home
Department of Housing & Urban Development resources for homebuyers, including FHA program info.
VA — Home Loans
Official VA home loan program information, eligibility, and COE requests.
Freddie Mac — Rate Survey
Weekly Primary Mortgage Market Survey — national average mortgage rates.
FHFA — Loan Limits
Federal Housing Finance Agency conforming loan limits by county.
IRS — Mortgage Interest Deduction
IRS guidance on deducting mortgage interest, points, and insurance.