TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/595032
6 | Th e M Rep o RT MDwell GOBankingRates ranked the top and bottom 10 states according to where it is cheapest to get a mortgage and where it is more costly to get a mortgage. The company reviewed all 50 states based on the local rates offered on 15-and 30-year fixed-rate mortgages (FRMs) in the first quarter of 2015, weighted with the average home listing price in the state. Among the best states to get a mortgage loan were Mississippi, Iowa, and Ohio, and among the worst were Hawaii, California, and New York. Hawaii Hawaii leads the pack of worst states to take out a mortgage loan. Here, buyers can expect to encounter a decent 15-year mortgage rate at 3.031 percent APR, but the highest average listing prices of any state at $1,019,316. The 30-year mortgage rates rest at 3.768 percent. California Ranked second, California is yet another Western state where buyers would not want to take out a mortgage. Real estate is listed at an average price of $819,518, the second highest in the nation. The 30-year average mortgage rate is 3.772 percent. Best States to Get a Mortgage Loan GOBankingRates identified the best states to get a mortgage loan based on affordable interest rates and home prices, providing highly attractive markets for home shoppers. Worst States to Get a Mortgage Loan GOBankingRates identified the worst states to get a mortgage loan based on outrageously high interest rates and home prices, which will ultimately lead to costly monthly payment. Consumers that are looking to purchase a home must consider the varying mortgage rates and home prices in different states. Mortgage Loan Matters: Best & Worst States to Get a Mortgage Loan