8. Mississippi
30-year fixed term rate: 6.91%
20-year fixed term rate: 6.37%
15-year fixed term rate: 6.22%
Average house price: $177,536
7/1 ARM: 6.91%
The state of Mississippi has the lowest average house price on this list despite being in the eighth position in terms of 30-year fixed term rate mortgage. In addition, Mississippi residents and home buyers alike face skyrocketing home insurance premiums.
Despite that, Mississippi still attracts property hunters because of the many mortgage programs that the state offers. Examples are conventional mortgages, Federal Housing Administration (FHA) loans, and Mississippi Home Corporation’s Smart6 loan.
9. New Jersey
30-year fixed term rate: 6.91%
20-year fixed term rate: 6.78%
15-year fixed term rate: 6.20%
Average house price: $492,394
7/1 ARM: 6.44%
Following at no. 9 among states with the lowest mortgage rates is New Jersey, another popular state for home buyers and property investors. The average house price in this state is at an all-time high. In spite of that, New Jersey’s housing market stays active due to the variety of loans offered in this state.
