Mortgages have been becoming much steeper in recent months, due to the rise in mortgage rates. But not every state fares the same in terms of how high a mortgage can be.
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While the 30-year fixed mortgage rate started decreasing from its 8% record highs, standing at 7.08% on Dec. 6, according to Mortgage News Daily, the figures are double where they were two years ago.
To put this in context, the 30-year fixed mortgage stood at 6.37% for the corresponding week last year; at 3.22% for the corresponding week in 2021; and at 2.80% for the corresponding week in 2020, according to Mortgage News Daily data.
Higher mortgage rates coupled with increasing home prices are hence making mortgage payments balloon. According to LendingTree, the average monthly home loan payment is $2,317 and these payments can range from as high as $3,696 in Hawaii to as low as $1,700 in West Virginia.
5 States With the Highest Mortgages
Here are the five states with the highest mortgages, according to LendingTree.
Hawaii
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Average monthly mortgage payment: $3,696
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Difference between state and national average monthly mortgage payment: $1,379
California
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Average monthly mortgage payment: $3,399
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Difference between state and national average monthly mortgage payment: $1,082
Massachusetts
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Average monthly mortgage payment: $3,021
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Difference between state and national average monthly mortgage payment: $704
Utah
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Average monthly mortgage payment: $2,891
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Difference between state and national average monthly mortgage payment: $574
Colorado
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Average monthly mortgage payment: $2,878
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Difference between state and national average monthly mortgage payment: $561
5 States With the Lowest Monthly Mortgage Payments
Here are the five states with the lowest monthly mortgage payments:
West Virginia
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Average monthly mortgage payment: $1,700
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Difference between state and national average monthly mortgage payment: -$617 lower
Kentucky
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Average monthly mortgage payment: $1,711
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Difference between state and national average monthly mortgage payment: -$606 lower
Michigan
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Average monthly mortgage payment: $1,742
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Difference between state and national average monthly mortgage payment: -$575 lower
Mississippi
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Average monthly mortgage payment: $1,757
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Difference between state and national average monthly mortgage payment: -$560 lower
Ohio
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Average monthly mortgage payment: $1,759
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Difference between state and national average monthly mortgage payment: -$558 lower
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Here Are the Best and Worst States for the Average Mortgage Across the U.S.
