I had the same issue. My iphone would keep losing signal every 15 seconds. It says searching.. then it comes back and 10 seconds later the same thing happens. This would happen only when cellular data was turned on...turning off cellular data would fix the problem by itself...but then whats the point of having an iphone...
I found the solution in a very simple way. Yes, I didn't have to restore my phone to factory settings. so what i did was just 3 simple steps:
1.) Turn off cellular data, this will make your signals OK temporarily.
2.) Now turn on cellular data and go to the network selection in the settings menu. While the phone has signals temporarily (the signals would keep dropping, so you might have to wait), turn the network selection mode from automatic to manual. This is will give you a list of carriers in your area.
3.) Now choose any network from the list other than your home network. The phone will show "No service". Keep doing that with other networks..the phone will still show "No service". No switch back to your home network in the list. and you will have network. This time it shouldnt drop!
These steps worked for me and the phone hasnt dropped signals even with cellular data on.
Let me know if this helps!