The best mortgage rates by state will vary depending on where you live. Mortgage rates can change from ZIP code to ZIP code. They are also variable and can also change from day to day. Compare mortgage rates in your ZIP code from our partner lenders below before you lock in an interest rate and buy your new home.
Average Mortgage Rates, Home Prices, and Monthly Payments by State
Before locking in a mortgage rate, it’s wise to understand what is the average rate in your state, as well as what is the average home price. Below you can see the average rates, prices, and monthly payments (principal and interest only after 20% down payment) for the month of October 2024, according to data from Zillow:
| State | Average Mortgage Rate | Average Home Price | Average Monthly Mortgage Payment |
| Alabama | 6.60% | $227,508 | $1,162.40 |
| Alaska | 6.61% | $362,098 | $1,851.97 |
| Arizona | 6.57% | $428,711 | $2,183.60 |
| Arkansas | 6.62% | $208,078 | $1,065.32 |
| California | 6.48% | $771,057 | $3,890.76 |
| Colorado | 6.55% | $541,072 | $2,750.20 |
| Connecticut | 6.60% | $405,595 | $2,072.29 |
| Delaware | 6.62% | $388,654 | $1,989.84 |
| Florida | 6.51% | $392,176 | $1,985.11 |
| Georgia | 6.55% | $326,617 | $1,660.15 |
| Hawaii | 6.55% | $845,946 | $4,299.83 |
| Idaho | 6.59% | $451,520 | $2,304.55 |
| Illinois | 6.60% | $266,706 | $1,362.67 |
| Indiana | 6.61% | $242,113 | $1,238.30 |
| Iowa | 6.63% | $220,277 | $1,128.95 |
| Kansas | 6.63% | $229,012 | $1,173.71 |
| Kentucky | 6.55% | $212,088 | $1,078.02 |
| Louisiana | 6.57% | $201,519 | $1,026.42 |
| Maine | 6.64% | $401,297 | $2,058.82 |
| Maryland | 6.68% | $418,438 | $2,155.63 |
| Massachusetts | 6.59% | $623,131 | $3,180.45 |
| Michigan | 6.56% | $245,716 | $1,250.24 |
| Minnesota | 6.61% | $334,119 | $1,708.87 |
| Mississippi | 6.56% | $181,313 | $922.55 |
| Missouri | 6.61% | $248,328 | $1,270.08 |
| Montana | 6.65% | $462,631 | $2,375.94 |
| Nebraska | 6.64% | $259,443 | $1,331.05 |
| Nevada | 6.61% | $442,185 | $2,261.57 |
| New Hampshire | 6.62% | $478,955 | $2,452.17 |
| New Jersey | 6.57% | $534,773 | $2,723.82 |
| New Mexico | 6.65% | $303,910 | $1,560.79 |
| New York | 6.55% | $482,742 | $2,453.72 |
| North Carolina | 6.55% | $328,715 | $1,670.81 |
| North Dakota | 6.66% | $263,410 | $1,354.19 |
| Ohio | 6.58% | $230,798 | $1,176.77 |
| Oklahoma | 6.61% | $205,968 | $1,053.43 |
| Oregon | 6.57% | $492,683 | $2,509.44 |
| Pennsylvania | 6.55% | $268,824 | $1,366.40 |
| Rhode Island | 6.65% | $467,485 | $2,400.87 |
| South Carolina | 6.63% | $295,769 | $1,515.85 |
| South Dakota | 6.66% | $306,944 | $1,578.00 |
| Tennessee | 6.58% | $319,208 | $1,627.55 |
| Texas | 6.52% | $300,267 | $1,521.47 |
| Utah | 6.60% | $517,020 | $2,641.59 |
| Vermont | 6.64% | $390,132 | $2,001.54 |
| Virginia | 6.63% | $392,682 | $2,012.54 |
| Washington | 6.54% | $588,856 | $2,989.97 |
| Washington, D.C. | 6.67% | $602,769 | $3,102.03 |
| West Virginia | 6.69% | $168,172 | $867.25 |
| Wisconsin | 6.62% | $306,566 | $1,569.56 |
| Wyoming | 6.66% | $354,108 | $1,820.47 |
How To Get the Best Mortgage Rate in Your State
To get the best mortgage rate in your state, you’ll want to start with the basics.
First, understand your credit score and how that affects the rates you may be offered. The higher your credit score, the lower the interest rate you’ll be offered.
Next, think about how much the house will cost and what your down payment will be (less than 20% requires private mortgage insurance which can increase your monthly payment in the short-term).
After that, it’s time to shop with different lenders to see what they can offer you for your mortgage rate.
Comparing mortgage rates from multiple lenders will help you find the best mortgage rate in your state.
How to Shop for Mortgage Rates
The first step in shopping for mortgage rates is finding lenders that meet your needs. The best mortgage lender for you may be one that caters to first-time homebuyers or one that works with borrowers with bad credit. Consider the various types of lenders and decide which ones you will get a quote from.
Once you know which lenders you’ll get quotes from, consider the different mortgage terms. You can choose from fixed home loans like a 30-year or 15-year mortgage, or an adjustable-rate mortgage (ARM), such as a 5/1 ARM which has a fixed interest rate for the first five years before the rate adjusts annually.
After deciding on which loan term is right for you, it’s time to get quotes from lenders and compare. You can typically get a quote by going to the lender, filling out an online form, and agreeing to a credit check.
How to Compare Mortgage Rates
Compare mortgage rates before locking one in for your new home loan. The best way to compare is to crunch the numbers with a mortgage calculator. For example, if you are buying a $500,000 home with 20% down (so a $400,000 mortgage balance), you can see what a monthly payment would look like using two different interest rates. Let’s say you are comparing a 6.75% rate and a 6.70% rate—not a huge difference when you look at it. But when you crunch the numbers on a $400,000 loan, you can see that there is a difference in what you pay per month and over the life of the loan:
| Loan Amount | $400,000 | $400,000 | Difference |
| Mortgage Interest Rate | 6.75% | 6.70% | 0.05% |
| Monthly Payment | $2,594.39 | $2,581.11 | $13.28 |
| Interest Paid Over Life of Loan | $533,981.26 | $529,200.29 | $4,780.97 |
Saving any money per month can help, so be sure to compare mortgage rates from various lenders in your state and ZIP code before buying a home.