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Mississippi Offers the Lowest Mortgage Rates, Nationwide

Most people looking to own a home need to get a mortgage in order to finance buying one. And as the lending climate has changed after the financial crisis that took place late in the 2000s, it may be more difficult to get approved for a mortgage now. 

Most lenders nowadays require high credit scores in addition to high down payments. However, there is a variety of mortgages that are available in the marketplace. It is important to note that mortgage rates and average listing prices differ greatly moving from one state to another.

The State of Mississippi offers its residents very low mortgage rates. According to The Huffington Post, its 3.764% APR 30-year mortgage rate is below the national average, and it also had the second-best average 15-year FRM rate at 3.024% APR during the first quarter of 2015. Moreover, the state’s low home prices attract large numbers of buyers, as reports a $233,639 average listing price in Mississippi.

When it comes to the lowest 30-year mortgage rates, Iowa is their proud home. With a 3.748% average rate on 30-year FRMs, a 3.047% FRM 15-year rate average, and a $200,665 average listing price, mortgage payments in Iowa will remain low. The state’s capital, Des Moines, was one of the best housing markets in 2015 according to

On the other hand, listing prices in Hawaii are the highest in the country at a $1,019,316 average according to Trulia, although the state has a good 15-year mortgage rate of 3.031% APR. Its 30-year mortgage rate average of 3.768% APR is probably not very helpful either.

Likewise, California has very high real estate prices and high mortgage rates. With a $819,518 average listing price, the state is the 2nd highest after Hawaii, and its 30-year average mortgage rate comes at 3.772% average.

Faced with the option to buy, people often are confused whether it is wiser to keep renting. However, real estate has proven to be a solid investment even in periods of slower economic growth. It is worth mentioning that a price-to-rent ratio does not always accurately reflect how cheap or expensive a home is, it only expresses the home's value relative to the value of surrounding homes. In this article, you'll find a list of how well some city-states perform in terms of price and rent, and how friendly they are toward buyers. 

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