The same mortgage rate means very different monthly payments depending on where you buy. A median home in Hawaii costs $4,725/mo versus $766/mo in West Virginia.
6.86%
National Avg. 30-Yr Fixed
$766/mo
Lowest Median Payment
West Virginia
$4,725/mo
Highest Median Payment
Hawaii
The spread between the lowest and highest state average rates is only about 0.19 percentage points. But median home prices range from $145k (West Virginia) to $895k (Hawaii) -- a 6.2x difference. Your monthly payment is determined far more by where you buy than by rate differences between states.
| State | 30-Yr Rate | Median Price | Monthly P&I |
|---|---|---|---|
| West Virginia | 6.93% | $145,000 | $766 |
| Mississippi | 6.94% | $178,000 | $942 |
| Louisiana | 6.93% | $198,000 | $1,046 |
| Arkansas | 6.9% | $205,000 | $1,080 |
| Oklahoma | 6.91% | $205,000 | $1,081 |
| Kentucky | 6.9% | $210,000 | $1,106 |
| Iowa | 6.91% | $210,000 | $1,108 |
| Ohio | 6.87% | $220,000 | $1,156 |
| Kansas | 6.88% | $225,000 | $1,183 |
| Alabama | 6.88% | $232,000 | $1,220 |
| Missouri | 6.87% | $235,000 | $1,234 |
| Michigan | 6.88% | $240,000 | $1,262 |
| Indiana | 6.89% | $245,000 | $1,290 |
| Nebraska | 6.88% | $250,000 | $1,315 |
| North Dakota | 6.92% | $260,000 | $1,373 |
| Pennsylvania | 6.85% | $275,000 | $1,442 |
| Illinois | 6.86% | $275,000 | $1,443 |
| Wisconsin | 6.86% | $285,000 | $1,496 |
| South Dakota | 6.9% | $295,000 | $1,554 |
| New Mexico | 6.9% | $310,000 | $1,633 |
| South Carolina | 6.85% | $315,000 | $1,651 |
| Wyoming | 6.91% | $335,000 | $1,767 |
| Minnesota | 6.84% | $340,000 | $1,780 |
| Texas | 6.84% | $340,000 | $1,780 |
| Tennessee | 6.86% | $345,000 | $1,810 |
| North Carolina | 6.82% | $355,000 | $1,855 |
| Delaware | 6.83% | $355,000 | $1,857 |
| Georgia | 6.84% | $365,000 | $1,911 |
| Maine | 6.87% | $380,000 | $1,996 |
| Alaska | 6.95% | $378,000 | $2,002 |
| Vermont | 6.88% | $385,000 | $2,024 |
| Virginia | 6.8% | $405,000 | $2,112 |
| Connecticut | 6.85% | $405,000 | $2,123 |
| Florida | 6.79% | $410,000 | $2,136 |
| Maryland | 6.81% | $415,000 | $2,167 |
| Arizona | 6.82% | $425,000 | $2,221 |
| Rhode Island | 6.83% | $435,000 | $2,276 |
| New York | 6.84% | $435,000 | $2,278 |
| Nevada | 6.83% | $440,000 | $2,302 |
| Idaho | 6.87% | $445,000 | $2,337 |
| Montana | 6.89% | $465,000 | $2,448 |
| New Hampshire | 6.82% | $475,000 | $2,482 |
| Oregon | 6.8% | $495,000 | $2,582 |
| New Jersey | 6.79% | $505,000 | $2,631 |
| Utah | 6.81% | $510,000 | $2,663 |
| Colorado | 6.8% | $545,000 | $2,842 |
| Washington | 6.77% | $600,000 | $3,120 |
| Massachusetts | 6.76% | $625,000 | $3,246 |
| California | 6.78% | $785,000 | $4,086 |
| Hawaii | 6.92% | $895,000 | $4,725 |
Monthly payment = principal & interest only (excludes taxes, insurance, PMI). Assumes 20% down payment on median-priced home. Rates as of Q1 2025. Sources: Freddie Mac, Zillow, NAR.
A buyer in West Virginia pays $766/month for a median home. The same buyer in Hawaii pays $4,725/month -- $3,959 more every month, or $47,508 more per year. Over 30 years, that gap totals $1,425,240.
On a $895,000 home in Hawaii, you'll pay approximately $985,000 in total interest over 30 years -- more than the original loan amount. Even a 0.25% rate reduction saves tens of thousands of dollars.
On expensive homes, small rate differences have outsized impact. A 0.1% rate difference on a $600,000 mortgage changes the monthly payment by about $36/month, or $12,960 over the life of the loan. In high-cost states, shopping aggressively for rates pays off significantly.
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Yes, but the differences are small (typically 0.10-0.25%). Rates vary due to state regulations, property taxes, insurance costs, lender competition, and local housing market conditions. Your credit score and down payment have a much larger impact on your individual rate.
The biggest factors are your credit score (740+ gets the best rates), down payment (20%+ avoids PMI), debt-to-income ratio, loan type (conventional, FHA, VA), and lock-in timing. The Federal Reserve's rate decisions set the baseline for all mortgage rates.
No. Rate differences between states are small (0.1-0.2%). Home prices and property taxes vary far more. A 0.1% rate advantage is easily offset by higher home prices, property taxes, or cost of living. Buy where you want to live and shop for the best rate locally.
On a $300,000 loan, going from 6.5% to 7.5% increases the monthly payment by about $197 (from $1,896 to $2,098). Over 30 years, that 1% costs an additional $71,000 in total interest.