Nov. 2015-Opportunity Knocks

TheMReport — News and strategies for the evolving mortgage marketplace.

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Th e M Rep o RT | 7 Source: GOBankingRates MIssIssIppI Mississippi hosts the most mortgage-friendly homes with the second-best average 15-year mortgage rate at 3.024 percent APR, while the 30-year rate is 3.764 percent. However, the most attrac- tive incentive is the low home prices. The average listing price in Mississippi is $233,639. Iowa Iowa offers buyers the lowest 30-year mortgage rate at 3.748 percent and a 15-year rate of 3.047 percent. To complete this deal, the state has a low average listing price of 200,665, which means mort- gage payments will stay low. ohIo Ohio took the No. 3 spot, with a 3.757 percent 30-year mortgage rate and a 3.046 percent 15-year mort- gage rate. This state also has the lowest average listing price in the nation at $191,283. MIssourI Another Midwestern state, Missouri also has one of the best 30-year mortgage rates at 3.756 percent, fourth in the nation. However, the higher than average 15-year mortgage rate of 3.052 percent kept this state from scoring higher. The average listing home price is $208,059. kansas Kansas' average 30-year mortgage rate stands at 3.763 percent, while the 15- year mortgage rate averages 3.048 percent keep this state in the top five. Meanwhile, the low average listing price of $208,998 is not a bad incentive either. New York The high housing costs of New York are sure to dig into potential buyers' pockets. This state hosts a $782,672 average home price ticket and pretty reasonable mortgage rates. But do not be fooled, those alluring rates will not offset the cost of a home loan this large. ConneCtiCut Connecticut residents should be wary of this state's 15-year mortgage rate of 3.069 percent, as it is the worst in the nation. The Northeastern state also has a 3.774 percent 30-year mortgage rate. Even worse, the state has an average listing price of $592,603. colorado Although Colorado's rates are a bit better than the other states on this list, they are still not favorable to potential buyers. What will really hurt potential buyers is the high home prices in this state. The average listing price in Colorado is $622, 094.

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