If you are in the market for a new home, or refinancing the one you own, you may pay more depending on where you live.
A new study shows some states have pricier mortgage rates than others.
Most of us believe a good credit score is all we need to get the best rate but now it seems what you pay, may be linked to the state in which you live in.
Two different mortgage rate information sites recently conducted a survey of mortgage rates across the country.
The sites found seemingly small differences that can amount to big dollars.
Borrowers in Rhode Island are benefiting the most, according to a survey by loan information sites GoBankingRates and RateWatch.
Borrowers there paid an average rate of just 3.4% on mortgages in July, about 0.35 percentage points below the national average.
Nebraska’s residents weren’t so lucky: They paid an average of 4.1%, the highest rate in the nation.
Over 30 years, that seemingly tiny 0.7% difference means that a $200,000, 30-year loan would eventually cost $28,800 more in Nebraska than it would in Rhode Island.
In areas with struggling economies, lenders lower rates to encourage borrowers.
A better economy can bump up interest rates.