To emphasize States where homeowners’ financial responsibilities are getting heavier, WalletHub compared all 50 states based on your specific user data about mortgage interest rates.
Unfortunately, according to the report, the average mortgage interest rate increased in 44 of the 50 states from the first quarter of 2024 to the second quarter of 2024.
“Buying a house has become more expensive in recent years. Home prices have skyrocketed and mortgage interest rates have risen dramatically from the highs we saw during the Covid-19 pandemic. The average mortgage interest rate has remained above 6% on 30-year fixed mortgages through 2024and it has only fallen slightly for 15-year fixed loans. The average interest rate also varies widely by state,” the WalletHub report notes.
Chip Lupo, an analyst at the personal finance site, said: “It is a difficult time to buy a housebecause house prices have risen astronomically in recent years and the housing shortage makes it difficult to find the right place even if you have the money.”
Cupo said: “Consumers’ difficulties in buying a home are exacerbated by the fact that The average mortgage interest rate increased in all but six states between the first and second quarters of 2024. Although interest rates are still slightly lower than the highs we saw last year, far from historic levels during the pandemic“.
States where mortgage interest rates are rising the most:
State (1): Colorado
Average mortgage in the second quarter of 2024: 5.71%
Average change (II quarter vs I quarter 2024): 4.88%
State (2): Measure
Average mortgage in the second quarter of 2024: 6.30%
Average change (II quarter vs I quarter 2024): 3.12%
State (3): Louisiana
Average mortgage in the second quarter of 2024: 6.84%
Average change (II quarter vs I quarter 2024): 2.72%
State (4): South Carolina
Average mortgage in the second quarter of 2024: 5.55%
2.52% per month – the change in the 2024 exchange rate.
State (5): South Dakota
Average mortgage in the second quarter of 2024: 6.28%
2.49% compared to yesterday.
In contrast…
States where mortgage interest rates are rising the lowest:
State (46): Utah
Average mortgage in the second quarter of 2024: 5.03%
Average change (II quarter vs I quarter 2024): -0.09%
State (47): Montana
Average mortgage in the second quarter of 2024: 5.80%
Average change (II quarter vs I quarter 2024): -0.14%
State (48): Rhode Island
Average mortgage in the II quarter of 2024: 6.25%
Average change (II quarter vs I quarter 2024): -0.45%
State (49): Texas
Average mortgage in the second quarter of 2024: 6.85%
Average change (II quarter vs I quarter 2024): -0.95%
State (50): Idaho
Average mortgage in the second quarter of 2024: 4.96%
Average change (II quarter vs I quarter 2024): -1.12%
For more information on the report and its methodology, please apply here.
The Colorado case
The largest increase in the average mortgage interest rate was in Colorado between the first and second quarter of 2024, approximately 4.9%. This increase is significantly greater than other states, with only one other state having an increase of more than 3% and most increasing by less than 2%.
Keep reading:
· Real estate market myths affecting buyers and sellers in the US today.
· Housing: Mortgage rates rebound after fall, what’s happening?
· Places home buyers are moving to in the US
2024-10-05 14:46:12
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