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When people talk about mortgage rates, they’re usually referring to national averages. But if you’re getting ready to buy or refinance a home, these averages aren’t always very helpful.
To get the most accurate idea of the types of rates currently available, you’ll want to look at average mortgage rates by state and see where they rank in your area.
Mortgage Rates by State
Just like you’ll pay different rates for car insurance depending on the state you’re in, mortgages can also cost more or less depending on the state you get a mortgage in.
Why is it? Mortgage rates are influenced by economic forces, including local ones. If a state generally has more expensive goods and services due to the higher cost of doing business, mortgages will likely be more expensive in that state as well. A higher number of foreclosures, or laws that make foreclosing on a home more expensive and time-consuming, can also drive up mortgage rates in a particular state.
The good news is that mortgage rates shouldn’t vary too widely from state to state.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Caroline from the south
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
Types of Mortgages for Each State
Mortgage Calculator
Take the average mortgage rate and home price in your state and plug them into this calculator to see how much you could pay each month for a typical home in your area.
Mortgage Calculator
$1 161
Your estimated monthly payment
- Pay one 25% a higher down payment would save you 8 916,08 $ on interest charges
- Lower the interest rate 1% would save you 51 562,03 $
- Pay an extra fee 500 $ each month would reduce the duration of the loan by 146 month
Whether you’re buying or refinancing, be sure to get quotes from multiple mortgage lenders to ensure you get the best deal. And don’t just compare prices; Consider the fees each lender charges and any additional features or benefits they offer that also make their services more attractive.
2023-10-30 10:00:00
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2023-12-09 00:23:48
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