These Are the States with the Highest and the Lowest Mortgage Rates
Whereas borrowers think their personal credit score is the sole determinant of their mortgage rate (and they are mostly right), that’s not always the case. Turns out mortgage rates can also significantly vary from state to state.
It’s enough to take a look at the figures of two states whose rates differ a lot. Rhode Island, at the top of the chart for low mortgage rates, has average rates of only 3.4 percent. Nebraska, on the other hand, is currently the state with the highest mortgage rates – an average of 4.10 percent. At first this may seem like a negligible difference, but during a 30-year mortgage loan, the sum adds up.
Even though national mortgage rates change together with bond yields, “several local factors, like property values, competition and risk, can impact rates as well.”
Read the full article in CNN Money.
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