Which states have the lowest mortgage rates?
The real estate industry is all about finding the cheapest mortgage rates, but the truth is that there are plenty of states with a lower mortgage rate than the national average.
Here are the five states with the lowest rates:1.
South Dakota: $7,8572.
Mississippi State: $2,873.
West Virginia: $563.
South Dakota is home to some of the poorest real estate markets in the country.
A combination of high unemployment, low income, and the state’s unique tax laws have made it a magnet for people looking to make a lot of money.
But the state is also home to the lowest percentage of homes for sale in the nation, which is one reason it has such low rates.
South Carolina has the lowest rate in the South, with the median home selling price hovering at $350,000.
That’s $1.4 million below the national median price of $416,000, according to Zillow.
Oklahoma, Alabama, and Mississippi all have lower mortgage rates than South Carolina, while Montana is the only other state with a rate lower than $1 million.
Mississippi, which has the second lowest rate at 5.3%, is home for the average home sale.
That home is valued at $826,000 and has a median price tag of $361,000 in the metro area.
South Dakotans will often turn to the internet to find deals.
For the average price of a home sold in South Dakota, a typical listing includes the mortgage and taxes.
The average mortgage payment is $1 of interest per year.
That payments is typically the largest expense, and people can also save money on insurance premiums and taxes with their credit cards.
In 2018, the average monthly payment on a home is $2.46.
The median monthly payment is a whopping $3.55, according ToR Real Estate.
That means, for the typical home buyer, the difference between the highest and lowest monthly payments is $6.34 per month.
South Dakotas average mortgage rate is $7.40 per month, which puts the state near the top of the list of lowest mortgage states.
The highest rate, however, is in Mississippi, where the average rate is 5.6% and the median mortgage payment of $1 in the city of Meridian is $836,000 per month or $4.14 per month per year, according Rentrak.
Mississippi is home of the nation’s second highest percentage of home sales for sale, which also puts it among the nation a leader in the mortgage industry.
The second-lowest rate in 2018 is the average of the state of Nevada, with $2 of interest.
The state also has the fifth-lowst mortgage rate of 3.5%.
That means Nevada has the highest percentage in the US of homes sold at or below market value, and most are being sold by people looking for a quick buck.
Nevada has an average mortgage cost of $2 billion and is home, along with Alaska, for homes worth more than $200,000 annually.
The fourth-low and fifth-highest rates in 2018 are in Michigan, Oklahoma, and Montana, all of which are states with median home values above $300,000 or $400,000 for a single family home.
All five of those states are among the lowest in the land for median home prices in 2018.
In the past few years, many home buyers have turned to Airbnb for cheaper lodging.
In 2017, there were 4.9 million listings on Airbnb.
That number has been on a steady rise since then, rising from 3.2 million listings in 2016 to 4.8 million in 2017.
Airbnb has a huge reach in the U.S. as it offers guests from nearly 150 countries a way to book their rooms and have them serviced 24/7, and hosts a large number of vacation rentals for residents of Hawaii, Alaska, and other remote areas of the country and for the rest of the world.
The state of Montana is home and home with the second-highest number of home sellers.
There are more than 3.8 home sales per day, and there are more homes for rent than homes for purchase in the state.
That can be because the average buyer will pay less than $100,000 to rent a home, which means it’s easy for the buyer to sell and move on to another property.
The Montana median home price is $435,000 (and counting).
That’s a lower price than the average for the nation.
There’s also no rental vacancy rate of more than 5%.
The median mortgage rate in Montana is $4 for 30 months or