This map compares average mortgage rates by state

Core Insights - The article discusses the variability of mortgage rates based on factors such as location, credit score, and down payment size, highlighting the stress involved in locking in a mortgage rate [1][2]. Mortgage Rates by State - The national average for a 30-year fixed-rate mortgage is currently 6.37%, with state averages ranging from 6.25% in Louisiana, Mississippi, and North Carolina to 6.75% in New Mexico [2][3]. - Refinance rates also vary by state and are often higher than purchase mortgage rates [3]. Factors Influencing Mortgage Rates - Local Competition: High competition among mortgage lenders can lead to better rates for consumers, while limited housing options can result in higher rates [5][6]. - Operating Costs: Online lenders may offer lower rates due to reduced operating costs, while lenders with physical locations may charge higher rates to cover their expenses [7]. - State Laws and Regulations: States with judicial foreclosure processes, like Illinois and Delaware, tend to have higher mortgage rates due to the increased costs and risks for lenders [8]. - Loan Size: Higher home prices in certain states can lead to higher interest rates, particularly for jumbo loans, while smaller loans may incur higher rates to maintain profit margins [9][10]. FAQs on Mortgage Rates - Mortgage rates fluctuate frequently, often changing daily, and borrowers are advised to consult lenders about rate lock options [11]. - To secure the best mortgage rate, borrowers should improve their credit scores, reduce debt, and shop around for competitive loan quotes [12]. - A good refinance rate is typically slightly below or similar to the average rate in the borrower's state, and it is recommended to compare quotes from multiple lenders [13].