Finding out the average mortgage interest rate in every state is probably important. You cannot assume that the interest rate in big cities like California will be the same as the interest mortgage rate in less-metropolitan states such as Wyoming or Idaho. In the USA, mortgage interest rate is determined by central bank. Of course, the factors that influencing the rate in every state are including political condition and also the economic condition of every state. Below, you will see the average mortgage interest rate from several states in the USA. It will give you the preview of how much money you should prepare to purchase a property.
1. Average Mortgage Interest Rate in California
California is one of the most famous states in the USA. It is considered as a big state especially because in California, there are great cities such as San Francisco, Pasadena, and so on. Many people come to California from their hometowns. That is why the real estate rate in California is more expensive than the properties prices and rate in other states. Here in California, if you want to own a house, you must take jumbo mortgage loan because the average price of property is more than $449,000. Jumbo mortgage loan must be taken if the price of the property is over $417,000. The average mortgage payment in California for $250,000 mortgage loan is about $1,138 per month. The rate is around 3,615% using 30-years fixed rate loan.
2. Average Mortgage Interest Rate in Florida
Florida is also considered as one of the most famous states in the USA. However, the real estate prices in Florida are quite varied throughout the state. Many real estates and properties are considered affordable but most of them located outside the major cities. In big cities like Miami, the average price for a single-family dwelling can reach over $500,000. However, for high rise condominiums and private luxurious homes, they can reach several hundred thousand dollars. If you take $250,000 mortgage loan (which is completely suitable to buy property in Jacksonville or Cape Coral-Fort Meyers) with 30-years fixed loan, the payment of loan is about $1,174 per month. The rate is around 3,865%.
3. Average Mortgage Interest Rate in Texas
Texas is a bit unique state because it is considered as a no metropolitan state at all. However, there are many big cities here with great deal of facilities thus making it one of the most famous states to live. In Texas, there are rural area and the big city area. In big cities such as Austin, Dallas, and Houston, the average sale price for a property is usually higher than the rural area. However, the average for Texas is about $185,900. With this average price, people in Texas are usually taking conventional mortgage loan to pay their dream house. For the calculation, if you take $250,000 mortgage loan to buy house in big cities and you use 30-years fixed rate loan, the average mortgage interest rate is about 3,857%. It makes the payment every month is around $1,156.