US Mortgage Rates: Mortgage Rates by State

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When people talk about mortgage rates, they're typically referring to national averages. But if you're getting ready to buy or refinance a home, these averages aren't always super useful.

To get the most accurate idea of what types of rates are out there right now, you'll want to look at average mortgage rates by state and see where they're at in your area.

Mortgage Rates by State

Just like you'll pay different rates for car insurance depending on what state you're in, mortgages can also cost more or less depending on what state you're getting a mortgage in.

Why is this? Mortgage rates are impacted by economic forces, including local ones. If a state generally has more expensive goods and services due to a 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 costly and time-consuming, can also push mortgage rates up in a particular state.

The good news is that mortgage rates shouldn't vary too dramatically from one state to the next. 

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
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington, DC
West Virginia
Wisconsin
Wyoming
Mortgage Types for Every 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 might pay each month for a typical home in your area.

Mortgage Calculator

$1,161 Your estimated monthly payment

• Paying a 25% higher down payment would save you $8,916.08 on interest charges
• Lowering the interest rate by 1% would save you $51,562.03
• Paying an additional $500 each month would reduce the loan length by 146 months

Whether you're buying or refinancing, be sure to get quotes from multiple mortgage lenders to ensure you're getting the best deal. And don't just compare rates; consider the fees that each lender charges and any additional features or perks they offer that make their services more worthwhile, too. 

State Mortgage Rates FAQs

States will usually have slightly different mortgage rates from one another depending on an individual state's rate of foreclosures, typical operating costs for lenders, competition in a given area, and other factors. But mortgage rates shouldn't vary dramatically from one state to the next, since rates are largely driven by investor demand for mortgage-backed securities.

In December 2023, 30-year mortgage rates averaged around 6.43%, and they've been holding relatively steady as we've entered 2024.

Currently, the states with some of the lowest mortgage rates include Connecticut, Idaho, Maine, New Hampshire, and Tennessee.

California, Colorado, Iowa, Kansas, Kentucky, Missouri, Nevada, North Carolina, North Dakota, Rhode Island, and South Dakota have average mortgage rates on the higher end of the current range of available rates. 

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