Current Mortgage Rates in the USA

Mortgage rates in the USA are constantly fluctuating. When shopping for rates, it is therefore crucial that you are aware not only of median home values and how they vary from county to county and state to state, but also the various factors that will impact interest rates.

In this article, we will explore the average 30-year fixed mortgage rates, the 15-year fixed mortgage rates, and the adjustable mortgage rates (AMR) in all 50 US states, as well as current median home values and recent data on the mortgage markets in each. 

To help you on your journey to homeownership, here is everything you need to know about mortgage rates in the USA. Scroll down and see our average mortgage rates by state for quick help!

Mortgage rates USA: Average mortgage rate by state

Average mortgage rates are constantly fluctuating, with basis points rising and falling even on a weekly basis. Here are the mortgage rates state by state, including the average 30-year fixed mortgages, 15-year fixed mortgages, and adjustable-rate mortgages (ARM), as well as recent trends in the mortgage market in each state. 

The text shows how the market looked on the date this was last updated; December 20, 2022. Below the text you will see a table with the current mortgage rates across the USA which are updated daily!

Mortgage rate Alabama

The average mortgage rate in Alabama is 6.07% for a 30-year fixed loan term. For a 30-year fixed refinance, the average rate is 6% and for a 15-year fixed loan term the average rate is 6.12%. 

With 2.3 million housing units, the homeownership rate is Alabama is 68.8%, according to a 2019 U.S. Census Bureau survey. While it depends on where the state you live, the average home value in the Heart of Dixie is about $190,000, which is below the US national average price of a home at $350,300. New mortgage loans also increased by 59% year-over-year 2019, according to the Consumer Financial Protection Bureau. 

Mortgage rate Alaska 

Alaska’s average 30-year fixed mortgage rate is 6%. The average 15-year fixed mortgage rate in Alaska sits at 5.50%, while the adjustable-rate mortgage (ARM) rate is at 6.25%.

At $332,157 as of October 2022, the average value of a home in Alaska is slightly less than the US national average. Over the last year, average home values in Alaska have risen by 9.8%. Because mortgage rates are at a historic low right now, you may want to change your current mortgage to a lower rate in Alaska. 

Mortgage rate Arizona 

In Arizona, the average 30-year fixed mortgage rate sits at 6.36%. That number represents a decrease in eight basis points from 6.44%. However, the average mortgage rate in Arizona remains 22 basis points higher than the US national average (6.14%). As of December 13, the average mortgage rate in Arizona is also 17 basis points higher than the previous week’s, which was 6.19%. 

The average 15-year fixed mortgage rate in this state has dropped 10 basis point to 5.56% from 5.66%, while the average five-year ARM mortgage rate has decreased six bases point to 5.95% from 6.01%. 

Mortgage rate Arkansas 

Arkansas’ average 30-year fixed mortgage rate remains 6.18%, which is four basis points higher than the US national average. As of December 13, that also represents an increase of 19 basis points from the week prior, when it was 5.99%. Meanwhile, the average 15-year fixed mortgage rate in Arkansas sits at 5.30%. The average five-year ARM mortgage rate is 6.11%. 

In Arkansas, there are roughly 1.4 million housing units, and the homeownership rate is 66%, slightly above the US national average of 64%, according to a 2018 US Census Bureau survey. The median home value here is $133,100, below the national average of $229,700.  

Mortgage rate California 

The average 30-year fixed mortgage rate in California dropped nine basis points to 6.06% from 6.15%. The mortgage rates in California are on par with the rate the week prior and eight basis points below the US national average. 

The current average 15-year fixed mortgage rate here dropped 10 basis points to 5.25% from 5.36%, while the current average five-year ARM rate decreased 11 basis points to 6.74%. 

Roughly half of the residents in California are homeowners, with a homeownership rate of 55.9% for the state’s 14.4 million housing units, according to the US Census Bureau. The median value of a single-family home was $813,980 in 2021, which was more the US average of $347,500 at that time. 

Mortgage rate Colorado

In Colorado, the 30-year fixed mortgage rate average dropped 12 basis points to 5.97% (from 6.09%). That means the average mortgage rate in Colorado is 17 basis points lower than the US national average. As of December 13, the average mortgage rate here was two basis points lower than the same time last week, when it was 5.99%.

The average 15-year fixed mortgage rate dropped 18 basis points to 5.08% (from 5.26%) and the average five-year ARM mortgage rate decreased by 12 basis points to 5.61% (from 5.73%). 

With a median house price of $502,000, Colorado’s homeownership rate is 65% for the state’s 2.5 million housing units, according to the US Census Bureau.

Mortgage rate Connecticut 

Connecticut’s average 30-year fixed mortgage rate is 6.23%, down two basis points from 6.25%. The average mortgage rate is, however, nine basis points higher than the US national mortgage rate average and, as of December 13, was 14 basis points higher than that previous week. 

As well, the average 15-year fixed mortgage rate dropped 15 basis points to 5.47% (from 5.62%), while the average five-year ARM mortgage rate increased to 5.90% (from 5.50%).  

At $328,551, the median home value in Connecticut is below the national average. The homeownership rate here is 66% for 1.5 million housing units, according to the US Census Bureau.

Mortgage rate Delaware 

The average 30-year fixed mortgage rate in Delaware is 6.15%, a drop of 17 basis points from 6.32%, with the rates one basis point higher than the US national average. That average mortgage rate also rose across the state by 19 basis points compared to the week prior, when it was 5.96%.

The average 15-year fixed mortgage rate in Delaware rose by five basis points to 5.39% and the five-year ARM mortgage rate average increased by 26 basis points to 6.29% (from 6.03%). 

The median housing value in Delaware is $340,910, slightly below the US national average. The homeownership rate is 71.4% and there are just 444,000 housing units, according to the US Census Bureau. 

Mortgage rate Florida 

In Florida, the average 30-year fixed mortgage rate has dropped 19 basis points to 5.90%, which also represents a six-basis point drop from the week before, when it was 5.96%. The average 15-year fixed mortgage rate in Florida dropped 18 basis points to 5.16%, while the average 5-year ARM mortgage rate has decreased four basis points to 5.94%. 

The median home value in the Sunshine State is $232,000, the homeownership rate is 66.2%, and there are roughly 10 million housing units, according to the US Census Bureau. Florida is also seeing a growing demand for mortgage loans, providing options for potential homebuyers who need help with closing costs or down payments. 

Mortgage rate Georgia 

Georgia’s average 30-year fixed mortgage rate sits at 5.87%, a drop of 16 basis points from the week before, when the mortgage rate was 6.03%. The 15-year fixed mortgage rate, meanwhile, fell 24 basis points to 5.04% (from 5.28%). The average five-year ARM mortgage rate has also decreased 11 basis points to 5.92%.

One of the fastest growing US states, Georgia is expected to see a 17.7% leap in population by 2030. The average home value in the Peach State is $173,700, there are 4.2 million housing units, and there is an homeownership rate of 63%.

Mortgage rate Hawaii

The average 30-year fixed rate mortgage in Hawaii is 6.36% and the current average 15-year fixed mortgage rate is 5.70%, with the average five-year ARM mortgage rate at 5.25%.

The median home value in Hawaii is $863,632, which is more than double of the US national median value. Roughly 60.3% of Hawaiians own their properties and there are about 550,000 housing units in the Aloha State, according to a US Census Bureau’s 2020 survey. In 2019, Hawaii saw a 13% year-over-year decrease in mortgage loans, according to the Consumer Financial Protection Bureau's Consumer Credit Panel. 

Mortgage rate Idaho 

Idaho has become a major attraction in the US for remote workers since the beginning of the COVID-19 pandemic, both for its scenery and its affordability. The average 30-year fixed mortgage rate sits at 5.86%, a decrease of 21 basis points from the week prior. The 15-year fixed mortgage rate is 5.08% and the average five-year ARM mortgage rate is 5.84%.

The average home value in Idaho is $233,100. According to a 2018 US Census Bureau survey, the state’s homeownership rate is just under 71% and there are 735,000 housing units. In 2019, Idaho experienced a 38% year-over-year increase in new home loans. 

Mortgage rate Illinois  

Currently, Illinois’ average 30-year fixed mortgage rate sits at 6.03%, which is seven basis points down from the previous week, when it was 6.10%. The current average 15-year fixed mortgage rate is 5.30% and the average five-year ARM mortgage rate is 5.40%.

If you are looking for a home in the Prairie State, you may be in luck. Illinois has about 5.4 million housing units and the homeownership rate is 66.1%, according to a 2019 US Census Bureau survey. Additionally, the average home value in Illinois is $243,355, and in 2019, that state saw and increase of 12% for new home loans. 

Mortgage rate Indiana 

Indiana’s average 30-year fixed mortgage rate is 5.93%, having dropped 16 basis points from the week before, when the mortgage rate was 6.09%. The average 15-year fixed rate mortgage in Indiana is 5.24% and the average five-year ARM mortgage rate is 5.81%. 

The median value of a home in the Hoosier State is $185,805, which is well below the US national average. According to a 2019 US Census Bureau survey, the homeownership rate is 69.3% and there are 2.9 housing units for the state’s 6.8 million residents.

Indiana is also seeing a growing mortgage market, according to the Consumer Financial Protection Bureau, with an 8% rise in new home loans from 2018 to 2019. 

Mortgage rate Iowa  

Iowa’s average 30-year fixed mortgage rate sits at 5.85%, which is a dramatic 42-basis point decrease from the week prior, when the average mortgage rate was 6.27%. The average 15-year fixed mortgage rate in Iowa, meanwhile, sits at 5.12%, and the current average five-year ARM mortgage rate is 5.54%. 

According to our research, there are roughly 1.4 million housing units in Iowa and the homeownership rate is 71%. Additionally, the median home value is well below the US national average at $152,000. Between 2018 and 2019, there was a 1% rise in new mortgages, according to the Consumer Financial Protection Bureau.

Mortgage rate Kansas 

The average 30-year fixed mortgage rate in Kansas is 6.02%. That represents a decrease of 13 basis points from the previous week, when the average mortgage rate across the state was 6.15%. The average 15-year fixed mortgage rate is 5.27% and the average five-year ARM mortgage rate is 5.76%.

The median home value in the Sunflower State is $159,400, there are roughly 1.3 million housing units, and the homeownership rate is 66%, according to a 2018 US Census Bureau survey. And the mortgage market is growing, the Consumer Financial Protection Bureau reports. Between 2018 and 2019, there was a 5% rise in new home loans. 

Mortgage rate Kentucky 

The average 30-year fixed mortgage rate in Kansas sits at 5.91%, down 29 basis points from the week before, when the rate was 6.20%. Kansas’ average 15-year fixed mortgage rate is 5.07% and the current average five-year ARM mortgage rate is 5.89%. 

The Bluegrass State offers nearly 2 million housing units, and the homeownership rate is about 67.6%, according to a 2020 US Census Bureau survey. The median value of a home in Kentucky, meanwhile, is $190,575. As of 2019, new home loans in the state rose by 4% year-over-year, according to the Consumer Financial Protection Bureau. 

Mortgage rate Louisiana 

Louisiana’s average 30-year fixed mortgage is 6.02%, which represents a decrease of six basis points from the previous week, when the average mortgage rate was 6.08%. The average 15-year fixed mortgage rate in Louisiana is currently 5.21% and the average five-year ARM mortgage rate is at 6.17%.

The median home value in the Bayou State is $206,000, which is significantly lower than the US national median price. Additionally, Louisiana has a homeownership rate of 66.6% and there are 2.1 million housing units there, according to a 2019 survey. As of 2019, new home loans in Louisiana rose 12% year-over-year. 

Mortgage rate Maine  

Maine’s average 30-year fixed mortgage is 6.00%, which is a decrease of nine basis points from the week prior, when the average mortgage rate hovered around 6.09%. Maine’s average 15-year fixed mortgage rate is currently 5.20% and the average five-year ARM mortgage rate is 6.42%. 

The homeownership rate in the Pine Tree State is 73% and there are roughly 740,000 housing units, making Maine a popular state to own a property. The median value of a home is slightly below the US national average at $341,000, and between 2018 and 2019, there was evidence of a growing market, with a 26% increase in new home loans. 

Mortgage rate Maryland  

The average 30-year fixed mortgage rate in Maryland is 5.76%. That means the average mortgage rate dropped 15 basis points from the previous week, when the rate was 5.91%. The average 15-year fixed mortgage rate is 5.01% and the average five-year ARM mortgage rate is at 5.81%.

The median home value in the Old Line State is close to the US national average at $378,124. Meanwhile, the homeownership rate in Maryland is 67% and there are 2.4 million housing units there. Marland also emerged as a growing market between 2018 and 2019, when there was a 5% increase in home loans.

Mortgage rate Massachusetts 

The Massachusetts average for 30-year fixed mortgage rates sits at 5.93%, down five basis points from the week before, when the average mortgage rate was 5.98%. The average 15-fixed mortgage rate in Massachusetts is 5.16% and the average five-year ARM mortgage rate is 5.78%. 

The average value of a home in Massachusetts is $539,007, which is significantly above the US national median sales price. According to a 2019 US Census Bureau survey, the homeownership rate in Massachusetts is 62.4% and there are 2.9 million housing units across the state. Additionally, between 2018 and 2019, Massachusetts saw a 5% increase in new home loans. 

Mortgage rate Michigan 

Michigan’s current 30-year fixed mortgage rate average is at 5.95%, which is a decrease of 11 basis points compared to the previous week, when the average mortgage rate was 6.06%. The average 15-year fixed mortgage rate in the state is 5.18% and the average five-year ARM mortgage rate is 5.83%.

The median home price in Michigan is $244,000, which is well below the US national median. Additionally, the homeownership rate in Michigan is relatively high at 74.3% and there are roughly 4.6 million housing units across the state, according to the US Census Bureau. 

Mortgage rate Minnesota  

The average 30-year fixed mortgage rate in Minnesota is 5.97%. Compared to the previous week, when the average mortgage rate was 6.04%, that is a decrease of seven basis points. Currently, the average 15-year fixed mortgage rate in the state is 5.11% and the average five-year ARM mortgage rate is 5.69%.

The median home value in Minnesota sits at $301,576, just below the US national average house price. By the end of 2019, new home loans had increased 14% year-over-year. According to the US Census Bureau’s 2019 survey, the homeownership rate in Minnesota is 72% and there are 2.5 million housing units. 

Mortgage rate Mississippi 

Mississippi’s average 30-year fixed mortgage rate is 6.19%, which represents an increase of eight basis points compared to the previous week (6.11%). The average 15-year fixed mortgage rate in Mississippi is currently 5.40% and the average five-year ARM mortgage rate is 6.00%.

The median value of homes in the Magnolia State is well below the US national average at $123,300, while the highest reported median price by county is $215,100. Mississippi is, however, experiencing a growing mortgage market, with a 67% increase in home loans reported from 2018 to 2019. The homeownership rate across the state is above the national average at 68% and there are 1.3 housing units. 

Mortgage rate Missouri 

Missouri’s average 30-year fixed mortgage rate is 6.10%. The previous week, mortgage rates in Missouri were 18 basis points higher at 6.28%. Average 15-year fixed mortgage rates, meanwhile, are 5.29% and the current average five-year ARM mortgage rate is 5.40%.

The median housing value in Missouri is below the US national average at $162,000. However, the Consumer Financial Protection Bureau recently reported a growing mortgage market, with an increase of 36% in home loans between 2018 and 2019. The homeownership rate in the Show-Me State is 67% and there are 2.8 million housing units. 

Mortgage rate Montana 

Montana’s 30-year fixed mortgage rate average is 6.54%. That represents an increase of 53 basis points compared to the previous week, when the average mortgage rate was 6.01%. The current average 15-year fixed mortgage rate is 5.54% and the five-year ARM mortgage rate is 6.25%. 

Montana’s mortgage market is also growing, with a 30% increase in new home loans reported between 2018 and 2019. The median home value is $249,200, but home values vary widely depending on the region. The lowest counties report a median of $89,800, while the highest counties report a median of $330,400. The homeownership rate is 68% and there are only 515,000 housing units across the state. 

Mortgage rate Nebraska 

The average 30-year fixed mortgage rate in Nebraska sits at 6.21%, down 13 basis points from the previous week’s average of 6.34%. The average 15-year fixed mortgage rate is 5.52% and the average five-year ARM mortgage rate is 5.18%.

At $161,800, the average home value in the Cornhusker State is significantly lower than the national average. However, Nebraska has also recently experienced home loan growth, with a 12% increase from 2018 to 2019. According to the US Census Bureau, the homeownership rate across the state is more than 66% and there are nearly 850,000 housing units. 

Mortgage rate Nevada  

Nevada’s average 30-year fixed mortgage rate is 6.21%, six basis points down from the previous week’s rate of 6.15%. The current average 15-year fixed mortgage rate is 5.31% and the average 5-year ARM mortgage rate is 5.63%. 

Nevada’s mortgage market is also growing, with a 41% rise in new home loans reported from 2018 to 2019. The median home value in Nevada is $292,200, which is above the US national average, although home values vary depending on the county, with the highest median price sitting at $346,500. The homeownership rate across the state is 57% and there are 1.3 million housing units. 

Mortgage rate New Hampshire  

The average 30-year fixed mortgage rate in New Hampshire is 5.98%, one basis point less than the previous week’s average of 5.99%. The average 15-year fixed mortgage rate is 5.12% and the average 5-year ARM mortgage rate is 5.91%. 

As of 2019, New Hampshire saw a 17% year-over-year rise in new home loans, according to the Consumer Financial Protection Bureau. The homeownership rate across the Granite State is 71% and there are 640,000 housing units. 

Mortgage New Jersey  

New Jersey’s current average 30-year fixed mortgage rate is 5.99%, an increase of six basis points from 5.93% the previous week. The average 15-year fixed mortgage rate is 5.20% and the average five-year ARM mortgage rate is 5.84%. 

And new mortgages in the Garden State have been trending upward in recent years, with a 31% year-over-year increase in new home loans as of 2018. While the median home value is well above the US national average at $334,900, there are some counties within New Jersey where the average home value is as high as $451,200. The homeownership rate in New Jersey is 64% and there are 3.6 million units.

Mortgage rate New Mexico 

In New Mexico, the average 30-year fixed mortgage rate sits at 5.95%, which is a decrease in 19 basis points compared to the week prior, when mortgage rates averaged 6.14%. The average 15-year fixed mortgage rate in New Mexico is 5.33% and the average five-year ARM mortgage rate is 5.91%.

As of 2019, New Mexico experienced a growing mortgage market, with year-over-year 30% increase in new home loans as of 2019. The median home value is $174,700, which is well below the US national average, while some counties report a median home price as high as $292,200. The homeownership rate of 66% was above the US national average in 2018 and there are just under one million housing units.

Mortgage rate New York 

New York’s current average 30-year fixed mortgage rate is 6.08%, a drop of 21 basis points compared to the week prior, when mortgage rates were 6.29% on average. The average 15-year fixed mortgage rate in the Big Apple is 5.12% and the average five-year ARM mortgage rate is 5.53%.

As of 2021, the median home price in New York was $370,000, according to the New York State Association Realtors. And according to the US Census Bureau, the homeownership rate in the Empire State was significantly lower than the US national average at 54.1% and there are about 8.5 million housing units. 

Mortgage rate North Carolina   

The average 30-year fixed mortgage rate in North Carolina is 5.80%, an 18-basis point drop from the week before, when mortgage rates were 5.98%. The 15-year fixed mortgage rate is 4.89% and the average five-year ARM mortgage rate is 5.75%. 

In recent years, North Carolina experienced a 31% year-over-year increase in new home loans. The Tar Heel state’s population is also growing, with an increase of 8.5% since 2010—considerably higher than the US national average (5.8%). The homeownership rate in North Carolina is 65% and there are 4.6 million housing units. The median home value is below the national average at $171,200, although certain counties have a median home value of $285,000.  

Mortgage rate North Dakota  

North Dakota’s 30-year fixed mortgage rate currently averages 6.21%, which is 25 basis points lower than the previous week (6.46%). The average 15-year fixed mortgage rate is 5.54% and the average five-year ARM mortgage rate is 6.21%. 

The median home value in North Dakota is a comparatively affordable $198,700, while the state is enjoying moderate growth in its mortgage market, with a year-over-year 10% increase as of 2019. The homeownership rate is 63% and there are 378,000 housing units. 

Mortgage rate Ohio 

The average 30-year fixed mortgage rate in Ohio is 6.02% from 6.11% the week before, a drop in nine basis points. The 15-year fixed mortgage rate is 5.29% and the average five-year ARM mortgage rate sits at 5.46%. 

Between 2017 and 2018, there was a 31% increase in new mortgage loans. The homeownership rate in the Buckeye State is 66% and there are 5.2 million housing units. While the median home value in Ohio is below the US national average at $144,200, home values can vary wildly between counties, giving the 11.6 million residents of Ohio plenty of options. 

Mortgage rate Oklahoma  

Oklahoma’s 30-year fixed mortgage rate average is 5.98%, a drop of 16 basis points compared to the previous week (6.14%). Currently, the average 15-year fixed mortgage rate is 5.33% and the average 5-year ARM mortgage rate is 6.12%.

As of 2019, the mortgage market in Oklahoma grew 7% compared to the previous year. The average home value in the Sooner State is $167,450, which is significantly lower than the US national average. The homeownership rate is 65.5% and there are 1.7 million housing units.

Mortgage rate Oregon  

The average 30-year fixed mortgage rate in Oregon is 5.87%, a 19-basis point drop from 6.06% the previous week. The average 15-year fixed mortgage rate is currently 5.21% and the five-year ARM mortgage rate is 5.61%.

Over-over-year, the mortgage market grew by 26% in 2019. The median housing value in the Beaver State is $341,800, which is higher than the US national median, although the home values vary widely from county to county, providing Oregonians with many options. Additionally, the homeownership rate is 63% and there are 1.8 million housing units. 

Mortgage rate Pennsylvania 

In Pennsylvania, the average 30-year fixed mortgage rate is 6.02%, which is a drop of one basis point from the previous week (6.03%). The average 15-year fixed mortgage rate is 5.29% and the average five-year ARM mortgage rate is 5.69%.

The median home price in the Keystone State is $183,820, which is below the US national average. According to the US Census Bureau, the homeownership rate in Pennsylvania is 69.9% and there are 5.7 million housing units. 

Mortgage rate Rhode Island  

Rhode Island’s average 30-year fixed mortgage rate is 5.94%, a drop of six basis points from the previous week (6.00%). Currently, the average 15-year fixed mortgage in Rhode Island is 5.19% and the average five-year ARM mortgage rate is 5.69%. 

Rhode Island is another growing mortgage market, with a 22% increase in home loans between 2018 and 2019. While some of the higher counties have an average home value of $375,000, the median home value across the state is 273,800. The homeownership rate is 62% and there are about 470,000 housing units. 

Mortgage rate South Carolina 

The 30-year fixed mortgage rate is, on average, 5.91% in South Carolina. That number is 11 basis points lower than the previous week, when the mortgage rate was 6.02%. The 15-year fixed mortgage rate is 5.17% and the five-year ARM mortgage rate average is 5.95%.

As of 2019, new home loans increased by 15% year-over-year. The median home value in the Palmetto State is roughly $268,500, the homeownership rate is 70.1%, and there are more than 2.3 million housing units. 

Mortgage rate South Dakota  

In South Dakota, the 30-year fixed mortgage rate is 6.05%, which represents a decrease of seven basis points from the week before (6.12%). The average 15-year fixed mortgage rate is 5.02% and the five-year ARM mortgage rate is 6.16%. 

The mortgage market declined year-over-year by 13% between 2018 and 2019. South Dakota’s median home value is well below the US national average at $171,500, although the median price in the pricier counties come in at $218,400. The homeownership rate, meanwhile, is 68%, and there are 398,000 housing units. 

Mortgage rate Tennessee  

Tennessee’s average 30-year fixed mortgage rate is 5.74%, which a decrease of 25 basis points from 5.99% the previous week. The average 15-year fixed mortgage rate in Tennessee is 5.17% and the average five-year ARM mortgage rate is 5.84%. 

In 2019, there was a 53% increase in new home loans. The average home value, meanwhile, is $231,682, the homeownership rate is 66.5%, and there are about three million housing units, according to the US Census Bureau. 

Mortgage rate Texas  

The average 30-year fixed mortgage rate in Texas is 5.88%, a drop of 14 basis points from the week before, when the rate was 6.02%. The average 15-year fixed mortgage rate is 5.14% and the average five-year ARM mortgage rate is 5.65%. 

While Texas is the second-largest state by land area—meaning home values can vary widely between counties and regions—the Lond Star State’s median owner-occupied home value is $187,200. Meanwhile, the homeownership is 62.3% and there are 11.9 million housing units. 

Mortgage rate Utah

Utah’s average 30-year fixed mortgage rate is 5.81%, a decrease of 29 basis point from 6.10% the week prior. The average 15-year fixed mortgage rate is 5.05% and the five-year ARM mortgage rate is 5.71%. 

Between 2018 and 2019, there was a 50% increase in new home loans, according to the Consumer Financial Protection Bureau. The median home value in Utah is above the US national average at $303,300, while the median home prices in certain counties can be as high as $598,900. The homeownership rate is also above average at 71%, while there are about 1.1 million housing units. 

Mortgage rate Vermont

In Vermont, the average 30-year fixed mortgage rate is 5.66%, a drop of 18 basis points from the previous week’s mortgage rate of 5.84%. Currently, the average 15-year fixed mortgage rate in Vermont is 4.88% and the average five-year ARM mortgage rate is 6.09%.

The mortgage market in Vermont grew by 16% between 2018 and 2019, according to the Consumer Financial Protection Bureau. Additionally, the median home value is $233,100, the homeownership rate is 72%, and there are roughly 340,000 housing units. 

Mortgage rate Virginia 

The average 30-year fixed mortgage rate in Virginia is 5.68%, which is a drop in 21 basis points from 5.89% the previous week. The current average 15-year fixed mortgage rate in Virginia is 5.05% and the average five-year ARM mortgage rate is 5.90%.

New mortgage loans in Virginia increased by 30% year-over-year in 2019. The median home price in the Old Dominion is $350,000, the homeownership rate is 66.3% and there are more than 3.5 million housing units. 

Mortgage rate Washington 

Washington’s average 30-year fixed mortgage rate is 5.84%, a drop of 14 basis points from the week before, when mortgage rates were 5.98%. The average 15-year fixed mortgage rate is currently 5.30% and the average five-year ARM mortgage rate is 5.69%.

Between 2018 and 2019, there was an increase of 26% in Washington in new home loans. The median home price in the Evergreen State is significantly above the US national average at $555,943. The homeownership rate, meanwhile, is 63% and there are 3.2 million housing units. 

Mortgage rate West Virginia 

In West Virginia, the average 30-year fixed mortgage rate is 5.75%, a six-basis point drop from 5.81% the week before. Currently, the average 15-year fixed mortgage rate in West Virginia is 4.93% and the average five-year ARM mortgage rate is 6.05%.

The median home value in the Mountain State is significantly lower than the US national median value at $121,300, while West Virginia experienced a 2% increase in new home loans between 2018 and 2019. Additionally, the homeownership rate is 73% and there are 900,000 housing units.

Mortgage rate Wisconsin   

The 30-year fixed mortgage rate in Wisconsin averages 5.86%, a 26-basis point drop from 6.12% the previous week. The current average 15-year fixed mortgage rate is 5.12% and the average five-year ARM mortgage rate is 5.98%. 

Wisconsin also experienced a declining mortgage market from 2018 to 2019—a decrease in new home loans of 12%. The state’s median home value is also significantly lower than the US national average at $246,000. The homeownership rate, meanwhile, is 67%, and there are 2.7 million housing units. 

Mortgage rate Wyoming 

The current average 30-year fixed mortgage rate in Wyoming is 5.84%, which is down 12 basis points from 5.96% the week before. The current average 15-year fixed mortgage rate in the state is 5.31% and the five-year ARM mortgage rate is 6.06%. 

The mortgage market in Wyoming has also been heating up in recent years, with a 50% increase in home loans reported between 2018 and 2019. The median home value is just above the US national average at $230,500. Additionally, the homeownership rate is 70% and there are nearly 279,000 housing units. 

Mortgage rates USA: Is 4.75 a good interest rate for a mortgage?

Most of the time, interest rates for mortgages are fluctuating, though there are exceptions. Typically, however, mortgage rates that look great one week can change significantly the next. As of the last quarter of 2022, however, good mortgage rates for a 30-year fixed mortgage typically start around 6% and 15-year fixed mortgage good rates start around the 5% range. 

It is also important to keep in mind that there is no one-size-fits-all answer to what constitutes a good mortgage rate, since there are several determining factors. Here is a look at five:

1. Your financial situation. Lenders look at your down payment, credit score, debt, and income to determine your level of risk and therefore your interest rate. For instance: a credit score higher than 720 and a down payment of at least 20% will usually earn you better rates, although you can qualify for much less.
2. Your mortgage lender. To ensure you are getting the best deal for your financial situation, you will have to shop around and get rate quotes from multiple lenders.
3. Your mortgage type. Different loan types come with different average rates, including conventional, conforming, FHA, VA, USDA, and jumbo loans. Additionally, adjustable-rate mortgages often have lower rate locks at the beginning.
4. Your loan term. 30-year loan terms usually have higher interest rates than 15-year loans.
5. Your loan purpose. Your loan purpose matters for your rate. For example, no-cash-out refinances have lower rates than cash-out refinance loans.

Mortgage rates USA: What is the average 30-year mortgage rate?

As mentioned, average 30-year mortgage rate—like any mortgage rate—is constantly in a state of flux. As of Dec. 15, 2022, however, the 30-year mortgage rate sat at 6.60%, according to Bankrate. That percentage represents an increase of eight basis points from the week prior. If you’re looking to refinance, the average rate for a 30-year fixed refinance is 6.51%, which is a drop of two basis points from the previous week. 

The average 15-year fixed refinance rate in the US is 5.91%. Compared to the previous week’s average, that percentage remains stable.

Mortgage rates USA: When should you lock in your mortgage rate? 

You should lock in your mortgage rate when you accept the home loan offer. Typically, you would speak with your lender upfront about terms and rates when applying for a mortgage. If you find the mortgage rates suitable, you can lock them in just after the application, to avoid risking the rates going higher. 

Otherwise, you can take the gamble to see if mortgage rates will drop soon. Usually, lenders will allow you to hold off on locking in your mortgage rate and allow for a later lock-in date. In this case, it is important to ask your lender upfront if you can lock in later and/or if there are any restrictions in doing so.

Locking in your mortgage rate typically ranges from 30 to 60 days. However, it is important to consider how long it will take to close your home loan and discuss the length of your mortgage lock with your lender first. For instance, you should request the longest length of time you can if your lender has a backlog of applications due to historically low rates. 

If you lock in your mortgage rate and interest rates decrease, you will be unable to take advantage of the lower interest rate on a refinance. The exception is if your mortgage rate lock includes a float-down option, which will let you take advantage of an interest rate drop during the mortgage rate lock period.

Mortgage rates USA: What is a high-ratio mortgage? 

High-ratio mortgages are home loans with a down payment of under 20% of the purchase price of the property you are buying. High ratio is the difference between the loan amount and the buying price, or value, of the home. This difference, or spread, is commonly referred to as the loan-to-value (LTV) ratio. 

On the other hand, a low-ratio mortgage, or conventional mortgage, is when you have a down payment of 20% or more of the purchase price of the property.

If you go with a high-ratio mortgage, you will have to get mortgage loan insurance, which is an extra premium that you must pay for beyond your mortgage payments. Mortgage loan insurance protects your lender if you default, and usually cost between 4.50% and 0.6% of your mortgage amount. 

Since mortgage rates are constantly fluctuation, not only from week to week but region to region, it is important to be aware of the mortgage market. The average mortgage rate by state—as well as the average US mortgage rate—should give you a good starting point. As will knowing the various factors that can affect your rate. Armed with this knowledge, you should be able to find the best rate for you, regardless of where you live in the USA. 

See our Best in Mortgage section for a respected mortgage professional near you! Do you have any advice to share on shopping for mortgage rates in the USA? Let us know in the comment section below.