Housing markets can vary significantly across the United States — and so can mortgage terms. A potential homebuyer in one state might be able to get approved for a loan more easily than someone with a similar income and credit profile who lives in another part of the country.
In order to better understand how housing markets differ among states, LendingTree, the nation’s leading online loan marketplace, analyzed multiple factors that are relevant to people looking to buy a home.
While our study primarily focuses on mortgage interest rates offered to LendingTree users in different states, it also looks at other aspects important to the home buying process, like average APRs, loan-to-value ratios, home loan amounts and down payment amounts. It also looks at the spread between high and low APRs offered to LendingTree users in order to illustrate how shopping around for a mortgage can help a potential buyer save money.
Here are all 50 states ranked by average mortgage rate, from lowest to highest:
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1. California
Average offered interest rate: 4.74%
Average APR: 4.83%
Average down payment: $41,502
Average offered loan amount: $313,508
Average LTV: 66%
Median Spread (4 Offers): 0.395%
Median Spread (5 Offers): 0.49%
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2. New Jersey
Average offered interest rate: 4.75%
Average APR: 4.83%
Average down payment: $31,212
Average offered loan amount: $258,999
Average LTV: 71%
Median Spread (4 Offers): 0.39%
Median Spread (5 Offers): 0.55%
Image Credit: DepositPhotos.com.
3. Washington
Average offered interest rate: 4.76%
Average APR: 4.85%
Average down payment: $34,029
Average offered loan amount: $277,105
Average LTV: 71%
Median Spread (4 Offers): 0.40%
Median Spread (5 Offers): 0.52%
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4. Massachusetts
Average offered interest rate: 4.76%
Average APR: 4.86%
Average down payment: $34,029
Average offered loan amount: $274,996
Average LTV: 70%
Median Spread (4 Offers): 0.40%
Median Spread (5 Offers): 0.51%
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5. Utah
Average offered interest rate: 4.77%
Average APR: 4.85%
Average down payment: $28,273
Average offered loan amount: $248,969
Average LTV: 73%
Median Spread (4 Offers): 0.43%
Median Spread (5 Offers): 0.55%
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6. Colorado
Average offered interest rate: 4.77%
Average APR: 4.86%
Average down payment: $32,889
Average offered loan amount: $262,947
Average LTV: 72%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.52%
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7. Maryland
Average offered interest rate: 4.78%
Average APR: 4.87%
Average down payment: $28,194
Average offered loan amount: $255,652
Average LTV: 76%
Median Spread (4 Offers): 0.39%
Median Spread (5 Offers): 0.49%
Image Credit: depositphotos.com.
8. Kentucky
Average offered interest rate: 4.79%
Average APR: 4.89%
Average down payment: $34,013
Average offered loan amount: $255,545
Average LTV: 76%
Median Spread (4 Offers): 0.396%
Median Spread (5 Offers): 0.50%
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9. Virginia
Average offered interest rate: 4.79%
Average APR: 4.89%
Average down payment: $34,013
Average offered loan amount: $255,545
Average LTV: 76%
Median Spread (4 Offers): 0.396%
Median Spread (5 Offers): 0.50%
Image Credit: DepositPhotos.com.
10. South Dakota
Average offered interest rate: 4.79%
Average APR: 4.91%
Average down payment: $23,418
Average offered loan amount: $206,496
Average LTV: 75%
Median Spread (4 Offers): 0.44%
Median Spread (5 Offers): 0.56%
Image Credit: Getty.
11. Minnesota
Average offered interest rate: 4.80%
Average APR: 4.90%
Average down payment: $21,326
Average offered loan amount: $218,568
Average LTV: 74%
Median Spread (4 Offers): 0.39%
Median Spread (5 Offers): 0.51%
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12. Oregon
Average offered interest rate: 4.80%
Average APR: 4.89%
Average down payment: $29,468
Average offered loan amount: $247,373
Average LTV: 72%
Median Spread (4 Offers): 0.39%
Median Spread (5 Offers): 0.48%
Image Credit: DepositPhotos.com.
13. Montana
Average offered interest rate: 4.81%
Average APR: 4.92%
Average down payment: $26,926
Average offered loan amount: $224,882
Average LTV: 71%
Median Spread (4 Offers): 0.48%
Median Spread (5 Offers): 0.59%
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14. Arizona
Average offered interest rate: 4.81%
Average APR: 4.91%
Average down payment: $24,850
Average offered loan amount: $222,775
Average LTV: 74%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.52%
Image Credit: Davel5957/istockphoto.
15. North Carolina
Average offered interest rate: 4.81%
Average APR: 4.92%
Average down payment: $27,994
Average offered loan amount: $218,578
Average LTV: 78%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.52%
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16. Delaware
Average offered interest rate: 4.82%
Average APR: 4.93%
Average down payment: $18,040
Average offered loan amount: $224,921
Average LTV: 73%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.53%
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17. Texas
Average offered interest rate: 4.82%
Average APR: 4.92%
Average down payment: $30,562
Average offered loan amount: $221,234
Average LTV: 78%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.55%
Image Credit: DenisTangneyJr.
18. North Dakota
Average offered interest rate: 4.82%
Average APR: 4.93%
Average down payment: $22,897
Average offered loan amount: $230,333
Average LTV: 78%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.51%
Image Credit: DepositPhotos.com.
19. Pennsylvania
Average offered interest rate: 4.83%
Average APR: 4.93%
Average down payment: $27,029
Average offered loan amount: $214,394
Average LTV: 77%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.54%
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20. Georgia
Average offered interest rate: 4.83%
Average APR: 4.94%
Average down payment: $29,140
Average offered loan amount: $216,173
Average LTV: 78%
Median Spread (4 Offers): 0.40%
Median Spread (5 Offers): 0.51%
Image Credit: SeanPavonePhoto.
21. Rhode Island
Average offered interest rate: 4.83%
Average APR: 4.94%
Average down payment: $25,643
Average offered loan amount: $242,492
Average LTV: 73%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.49%
Image Credit: DepositPhotos.com.
22. Connecticut
Average offered interest rate: 4.84%
Average APR: 4.94%
Average down payment: $31,881
Average offered loan amount: $237,825
Average LTV: 76%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.55%
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23. New Hampshire
Average offered interest rate: 4.84%
Average APR: 4.94%
Average down payment: $22,631
Average offered loan amount: $226,846
Average LTV: 73%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.51%
Image Credit: DenisTangneyJr.
24. Florida
Average offered interest rate: 4.84%
Average APR: 4.94%
Average down payment: $28,528
Average offered loan amount: $218,638
Average LTV: 76%
Median Spread (4 Offers): 0.40%
Median Spread (5 Offers): 0.51%
Image Credit: DepositPhotos.com.
25. Wyoming
Average offered interest rate: 4.84%
Average APR: 4.96%
Average down payment: $20,458
Average offered loan amount: $221,159
Average LTV: 77%
Median Spread (4 Offers): 0.50%
Median Spread (5 Offers): 0.62%
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26. Hawaii
Average offered interest rate: 4.85%
Average APR: 4.94%
Average down payment: $39,317
Average offered loan amount: $300,910
Average LTV: 66%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.52%
Image Credit: ehabaref / iStock.
27. South Carolina
Average offered interest rate: 4.85%
Average APR: 4.96%
Average down payment: $23,576
Average offered loan amount: $207,002
Average LTV: 77%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.50%
Image Credit: SeanPavonePhoto.
28. Wisconsin
Average offered interest rate: 4.86%
Average APR: 4.96%
Average down payment: $24,826
Average offered loan amount: $202,333
Average LTV: 78%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.52%
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29. Tennessee
Average offered interest rate: 4.86%
Average APR: 4.96%
Average down payment: $28,318
Average offered loan amount: $210,773
Average LTV: 78%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.52%
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30. Nevada
Average offered interest rate: 4.86%
Average APR: 4.95%
Average down payment: $29,109
Average offered loan amount: $244,981
Average LTV: 73%
Median Spread (4 Offers): 0.39%
Median Spread (5 Offers): 0.50%
Image Credit: Getty.
31. Alabama
Average offered interest rate: 4.86%
Average APR: 4.97%
Average down payment: $28,569
Average offered loan amount: $203,904
Average LTV: 74%
Median Spread (4 Offers): 0.43%
Median Spread (5 Offers): 0.53%
Image Credit: Sean Pavone.
32. Alaska
Average offered interest rate: 4.86%
Average APR: 4.97%
Average down payment: $31,706
Average offered loan amount: $248,847
Average LTV: 77%
Median Spread (4 Offers): 0.45%
Median Spread (5 Offers): 0.54%
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33. New Mexico
Average offered interest rate: 4.86%
Average APR: 4.99%
Average down payment: $23,783
Average offered loan amount: $200,274
Average LTV: 74%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.55%
Image Credit: Davel5957.
34. Michigan
Average offered interest rate: 4.86%
Average APR: 4.98%
Average down payment: $20,440
Average offered loan amount: $200,190
Average LTV: 75%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.55%
Image Credit: haveseen.
35. Illinois
Average offered interest rate: 4.87%
Average APR: 4.97%
Average down payment: $29,498
Average offered loan amount: $220,125
Average LTV: 76%
Median Spread (4 Offers): 0.43%
Median Spread (5 Offers): 0.53%
Image Credit: ibsky.
36. Kansas
Average offered interest rate: 4.87%
Average APR: 4.98%
Average down payment: $23,870
Average offered loan amount: $201,060
Average LTV: 79%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.51%
Image Credit: Getty.
37. Louisiana
Average offered interest rate: 4.87%
Average APR: 4.99%
Average down payment: $26,053
Average offered loan amount: $203,938
Average LTV: 79%
Median Spread (4 Offers): 0.45%
Median Spread (5 Offers): 0.61%
Image Credit: DenisTangneyJr.
38. Vermont
Average offered interest rate: 4.87%
Average APR: 4.99%
Average down payment: $27,765
Average offered loan amount: $202,106
Average LTV: 73%
Median Spread (4 Offers): 0.37%
Median Spread (5 Offers): 0.50%
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39. Indiana
Average offered interest rate: 4.81%
Average APR: 4.99%
Average down payment: $24,013
Average offered loan amount: $195,098
Average LTV: 78%
Median Spread (4 Offers): 0.43%
Median Spread (5 Offers): 0.55%
Image Credit: f11photo.
40. Idaho
Average offered interest rate: 4.89%
Average APR: 4.99%
Average down payment: $19,593
Average offered loan amount: $211,520
Average LTV: 74%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.498%
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41. Mississippi
Average offered interest rate: 4.90%
Average APR: 5.04%
Average down payment: $16,297
Average offered loan amount: $190,895
Average LTV: 78%
Median Spread (4 Offers): 0.498%
Median Spread (5 Offers): 0.64%
Image Credit: Getty.
42. Missouri
Average offered interest rate: 4.90%
Average APR: 5.01%
Average down payment: $24,734
Average offered loan amount: $199,948
Average LTV: 78%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.496%
Image Credit: DepositPhotos.com.
43. Nebraska
Average offered interest rate: 4.90%
Average APR: 5.03%
Average down payment: $24,609
Average offered loan amount: $201,388
Average LTV: 76%
Median Spread (4 Offers): 0.41%
Median Spread (5 Offers): 0.54%
Image Credit: Getty.
44. Ohio
Average offered interest rate: 4.90%
Average APR: 5.03%
Average down payment: $22,061
Average offered loan amount: $196,052
Average LTV: 76%
Median Spread (4 Offers): 0.397%
Median Spread (5 Offers): 0.53%
Image Credit: DepositPhotos.com.
45. West Virginia
Average offered interest rate: 4.90%
Average APR: 5.04%
Average down payment: $15,369
Average offered loan amount: $189,222
Average LTV: 77%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.53%
Image Credit: ” Chayanisa Puttamata”.
46. Maine
Average offered interest rate: 4.91%
Average APR: 5.02%
Average down payment: $22,462
Average offered loan amount: $202,539
Average LTV: 74%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.53%
Image Credit: DenisTangneyJr.
47. Oklahoma
Average offered interest rate: 4.91%
Average APR: 5.03%
Average down payment: $19,456
Average offered loan amount: $186,502
Average LTV: 76%
Median Spread (4 Offers): 0.42%
Median Spread (5 Offers): 0.52%
Image Credit: DepositPhotos.com.
48. Arkansas
Average offered interest rate: 4.92%
Average APR: 5.06%
Average down payment: $17,171
Average offered loan amount: $198,300
Average LTV: 77%
Median Spread (4 Offers): 0.44%
Median Spread (5 Offers): 0.55%
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49. Iowa
Average offered interest rate: 4.93%
Average APR: 5.04%
Average down payment: $26,746
Average offered loan amount: $203,700
Average LTV: 77%
Median Spread (4 Offers): 0.46%
Median Spread (5 Offers): 0.53%
Image Credit: JoeChristensen.
50. New York
Average offered interest rate: 4.96%
Average APR: 5.07%
Average down payment: $43,404
Average offered loan amount: $260,163
Average LTV: 71%
Median Spread (4 Offers): 0.37%
Median Spread (5 Offers): 0.53%
This article originally appeared on LendingTree.com and was syndicated by MediaFeed.org.
Image Credit: Eloi_Omella.
