LendingTree Compares Mortgage Rates by State
Housing markets can vary significantly across the U.S., and so can mortgage terms. A potential homebuyer in one state might be able to get approved for a loan more easily than someone with a similar income and credit profile who lives in another part of the country. In order to better understand how housing markets differ among states,
While the study primarily focuses on mortgage interest rates offered to
Key findings
- The average offered interest rate for the all 50 states is 4.84 percent. There is no state where rates fall below 4.74 percent or rise above 4.96 percent.
California ,New Jersey ,Washington andMassachusetts are the states with the lowest average interest rates. The average interest rate is 4.74 percent inCalifornia , 4.75 percent inNew Jersey and 4.76 percent in bothWashington andMassachusetts .New York ,Iowa andArkansas are the states where average interest rates are the highest. The average interest rates in these states are 4.96 percent, 4.93 percent and 4.92 percent respectively.- The average down payment across all 50 states is nearly
$28,000 . The state with the lowest average down payment isWest Virginia , where the average buyer will only need to pony up a little bit more than$15,000 for a down payment. On the flip side, buyers inNew York will need nearly triple that,$43,404 , to be able to afford the average down payment. - Across all 50 states, the average offered loan amount is
$224,297 . The highest average offered loan amount is over$313,000 inCalifornia , while it is only$186,502 in Oklahoma. - The average loan-to-value ratio of nearly 75 percent goes hand in hand with the average down payment and loan amounts offered throughout the country. The loan-to-value ratio represents how large the mortgage amount is compared with the appraisal price of the home. A low LTV, like those commonly found in
Hawaii orCalifornia , means that buyers are paying more out of pocket in order to be able to afford a home. Higher LTVs like those found inKentucky orKansas mean that buyers can get away with smaller down payments. - The average APR offered across the U.S. is 4.95 percent.
California is the state with the lowest average APR of 4.83 percent, whileNew York is the highest with 5.07 percent.
To view the full report, visit https://www.lendingtree.com/home/mortgage/mortgage-rates-by-state/.
U.S. states ranked by average mortgage rate |
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Rank |
State |
Average mortgage rate |
Average APR |
Average down payment |
Average offered loan amount |
Average LTV |
Median spread (4 offers) |
Median spread (5 offers) |
1 |
California |
4.74% |
4.83% |
$41,502 |
$313,508 |
66% |
0.40% |
0.49% |
2 |
New Jersey |
4.75% |
4.84% |
$31,212 |
$258,999 |
71% |
0.39% |
0.55% |
3 |
Washington |
4.76% |
4.85% |
$34,908 |
$277,105 |
71% |
0.40% |
0.52% |
4 |
Massachusetts |
4.76% |
4.86% |
$34,029 |
$274,996 |
70% |
0.40% |
0.51% |
5 |
Utah |
4.77% |
4.85% |
$28,273 |
$248,969 |
73% |
0.43% |
0.55% |
6 |
Colorado |
4.77% |
4.86% |
$32,889 |
$262,947 |
72% |
0.41% |
0.52% |
7 |
Maryland |
4.78% |
4.87% |
$28,194 |
$255,652 |
76% |
0.39% |
0.49% |
8 |
Kentucky |
4.78% |
4.90% |
$23,309 |
$192,651 |
79% |
0.52% |
0.80% |
9 |
Virginia |
4.79% |
4.89% |
$34,013 |
$255,545 |
76% |
0.40% |
0.50% |
10 |
South Dakota |
4.79% |
4.91% |
$23,418 |
$206,496 |
75% |
0.44% |
0.56% |
11 |
Minnesota |
4.80% |
4.90% |
$21,326 |
$218,568 |
74% |
0.39% |
0.51% |
12 |
Oregon |
4.80% |
4.89% |
$29,468 |
$247,373 |
72% |
0.39% |
0.48% |
13 |
Montana |
4.81% |
4.92% |
$26,926 |
$224,882 |
71% |
0.48% |
0.59% |
14 |
Arizona |
4.81% |
4.91% |
$24,850 |
$222,775 |
74% |
0.41% |
0.52% |
15 |
North Carolina |
4.81% |
4.92% |
$27,994 |
$218,578 |
78% |
0.41% |
0.52% |
16 |
Delaware |
4.82% |
4.93% |
$18,040 |
$224,921 |
73% |
0.42% |
0.53% |
17 |
Texas |
4.82% |
4.92% |
$30,562 |
$221,234 |
78% |
0.41% |
0.55% |
18 |
North Dakota |
4.82% |
4.93% |
$22,897 |
$230,333 |
78% |
0.42% |
0.51% |
19 |
Pennsylvania |
4.83% |
4.93% |
$27,029 |
$214,394 |
77% |
0.42% |
0.54% |
20 |
Georgia |
4.83% |
4.94% |
$29,140 |
$216,173 |
78% |
0.40% |
0.51% |
21 |
Rhode Island |
4.83% |
4.94% |
$25,643 |
$242,492 |
73% |
0.41% |
0.49% |
22 |
Connecticut |
4.84% |
4.94% |
$31,881 |
$237,825 |
76% |
0.42% |
0.55% |
23 |
New Hampshire |
4.84% |
4.94% |
$22,631 |
$226,846 |
73% |
0.41% |
0.51% |
24 |
Florida |
4.84% |
4.94% |
$28,528 |
$218,638 |
76% |
0.40% |
0.51% |
25 |
Wyoming |
4.84% |
4.96% |
$20,458 |
$221,159 |
77% |
0.50% |
0.62% |
26 |
Hawaii |
4.85% |
4.94% |
$39,317 |
$300,910 |
66% |
0.42% |
0.52% |
27 |
South Carolina |
4.85% |
4.96% |
$23,576 |
$207,002 |
77% |
0.41% |
0.50% |
28 |
Wisconsin |
4.86% |
4.96% |
$24,826 |
$202,333 |
78% |
0.42% |
0.52% |
29 |
Tennessee |
4.86% |
4.96% |
$28,318 |
$210,773 |
78% |
0.41% |
0.52% |
30 |
Nevada |
4.86% |
4.95% |
$29,109 |
$244,981 |
73% |
0.39% |
0.50% |
31 |
Alabama |
4.86% |
4.97% |
$28,569 |
$203,904 |
74% |
0.43% |
0.53% |
32 |
Alaska |
4.86% |
4.97% |
$31,706 |
$248,847 |
77% |
0.45% |
0.54% |
33 |
New Mexico |
4.86% |
4.99% |
$23,783 |
$200,274 |
74% |
0.42% |
0.55% |
34 |
Michigan |
4.86% |
4.98% |
$20,440 |
$200,190 |
75% |
0.42% |
0.55% |
35 |
Illinois |
4.87% |
4.97% |
$29,498 |
$220,124 |
76% |
0.43% |
0.53% |
36 |
Kansas |
4.87% |
4.98% |
$23,870 |
$201,060 |
79% |
0.42% |
0.51% |
37 |
Louisiana |
4.87% |
4.99% |
$26,053 |
$203,938 |
79% |
0.45% |
0.61% |
38 |
Vermont |
4.87% |
4.99% |
$27,765 |
$202,106 |
73% |
0.37% |
0.50% |
39 |
Indiana |
4.87% |
4.99% |
$24,013 |
$195,098 |
78% |
0.43% |
0.55% |
40 |
Idaho |
4.89% |
4.99% |
$19,593 |
$211,520 |
74% |
0.41% |
0.50% |
41 |
Mississippi |
4.90% |
5.04% |
$16,297 |
$190,895 |
78% |
0.50% |
0.64% |
42 |
Missouri |
4.90% |
5.01% |
$24,734 |
$199,948 |
78% |
0.41% |
0.50% |
43 |
Nebraska |
4.90% |
5.03% |
$24,609 |
$201,388 |
76% |
0.41% |
0.54% |
44 |
Ohio |
4.90% |
5.03% |
$22,061 |
$196,052 |
76% |
0.40% |
0.53% |
45 |
West Virginia |
4.90% |
5.04% |
$15,369 |
$189,222 |
77% |
0.42% |
0.53% |
46 |
Maine |
4.91% |
5.02% |
$22,462 |
$202,539 |
74% |
0.42% |
0.53% |
47 |
Oklahoma |
4.91% |
5.03% |
$19,456 |
$186,502 |
76% |
0.42% |
0.52% |
48 |
Arkansas |
4.92% |
5.06% |
$17,171 |
$198,300 |
77% |
0.44% |
0.55% |
49 |
Iowa |
4.93% |
5.04% |
$26,746 |
$203,700 |
77% |
0.46% |
0.53% |
50 |
New York |
4.96% |
5.07% |
$43,404 |
$260,163 |
71% |
0.37% |
0.53% |
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