Special Report
Rising Mortgage Rates Cost Homebuyers at Least $100K in Every State
Published:
The average rate of a 30-year fixed mortgage hit 6.22% on June 15. That was up from 3.29% at the start of the year and could still climb higher as the Federal Reserve commences an aggressive tightening policy, raising rates in an effort to cool the four-decade high inflation. The last time the 30-year fixed mortgage rate topped 6% was in November 2008 during the Great Recession.
While existing fixed-rate mortgage holders are not affected by the recent jump in rates, anyone seeking to take out a mortgage, including first-time homebuyers or those seeking to upgrade to a more expensive home, would find the cost of a mortgage much higher now than at the beginning of the year. How much higher?
To identify the impact rising interest rates can have on homebuyers in each state, 24/7 Wall St. reviewed the report Rising Mortgage Rates Could Cost Some Homebuyers More Than $100,000 Over Lifetime of Loans from LendingTree.
The report looked at how rising interest rates could affect the cost of a mortgage, calculating the difference between average monthly mortgage payments on 30-year, fixed-rate loans in each state based on average annual percentage rates in January and April 2022 in each state. The report also calculated the extra amount paid over the lifetime of the mortgage. Median household income and total population figures are from the Census Bureau’s American Community Survey 2020 and are five-year estimates.
At the beginning of the year, the national average 30-year fixed mortgage rate was 3.29% on Jan. 3. By the end of April, it hit 4.88%. To put that into perspective, a homebuyer in Ohio who took a 30-year fixed rate mortgage was charged an average APR in January of 3.94%, amounting to a monthly payment of $1,145. By April, the average APR in Ohio had risen to 5.33%, adding $200 to the monthly payment, or $71,837 over 30 years.
And Ohio is the state where the monthly cost difference is the lowest. For homebuyers across the 50 states, the added monthly cost in mortgage payment ranges from $200 to $407, or an additional cost of nearly $72,000 to $146,000 over the lifetime of the mortgage.
While nine of the 10 states with the highest difference in monthly mortgage costs are in the West and the Northeast, the states with the lowest added monthly cost are in the South and Midwest. (These are cities with skyrocketing home prices this summer.)
Higher mortgage rates cool demand for homes from buyers as well as deter owners from putting their homes on the market if they have to trade their lower fixed rate for a higher one on another mortgage. This could begin to affect the hot U.S. housing market. (This is the state with the most foreclosures.)
Here are the rising mortgage rates cost homebuyers at least $100K in every state
50. Ohio
> Extra amount paid over 30-year lifetime of mortgage: $71,837.24
> Difference in monthly payments (Jan vs Apr rates): +$199.55
> Average mortgage amount: $241,517 — 9th lowest
> Median household income: $58,116 — 15th lowest
> Total population: 11,675,275 — 7th highest
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49. West Virginia
> Extra amount paid over 30-year lifetime of mortgage: $72,292.44
> Difference in monthly payments (Jan vs Apr rates): +$200.81
> Average mortgage amount: $207,300 — the lowest
> Median household income: $48,037 — 2nd lowest
> Total population: 1,807,426 — 13th lowest
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48. Kentucky
> Extra amount paid over 30-year lifetime of mortgage: $72,820.49
> Difference in monthly payments (Jan vs Apr rates): +$202.28
> Average mortgage amount: $224,562 — 2nd lowest
> Median household income: $52,238 — 7th lowest
> Total population: 4,461,952 — 25th lowest
47. Missouri
> Extra amount paid over 30-year lifetime of mortgage: $72,939.41
> Difference in monthly payments (Jan vs Apr rates): +$202.61
> Average mortgage amount: $229,615 — 3rd lowest
> Median household income: $57,290 — 13th lowest
> Total population: 6,124,160 — 18th highest
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46. Wisconsin
> Extra amount paid over 30-year lifetime of mortgage: $74,812.57
> Difference in monthly payments (Jan vs Apr rates): +$207.81
> Average mortgage amount: $240,729 — 8th lowest
> Median household income: $63,293 — 24th highest
> Total population: 5,806,975 — 20th highest
45. Iowa
> Extra amount paid over 30-year lifetime of mortgage: $74,874.24
> Difference in monthly payments (Jan vs Apr rates): +$207.98
> Average mortgage amount: $233,618 — 4th lowest
> Median household income: $61,836 — 24th lowest
> Total population: 3,150,011 — 20th lowest
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44. Arkansas
> Extra amount paid over 30-year lifetime of mortgage: $75,914.27
> Difference in monthly payments (Jan vs Apr rates): +$210.87
> Average mortgage amount: $246,672 — 12th lowest
> Median household income: $49,475 — 3rd lowest
> Total population: 3,011,873 — 18th lowest
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43. Michigan
> Extra amount paid over 30-year lifetime of mortgage: $76,106.02
> Difference in monthly payments (Jan vs Apr rates): +$211.41
> Average mortgage amount: $244,039 — 11th lowest
> Median household income: $59,234 — 18th lowest
> Total population: 9,973,907 — 10th highest
42. Mississippi
> Extra amount paid over 30-year lifetime of mortgage: $76,524.00
> Difference in monthly payments (Jan vs Apr rates): +$212.57
> Average mortgage amount: $235,123 — 5th lowest
> Median household income: $46,511 — the lowest
> Total population: 2,981,835 — 17th lowest
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41. Indiana
> Extra amount paid over 30-year lifetime of mortgage: $77,282.68
> Difference in monthly payments (Jan vs Apr rates): +$214.67
> Average mortgage amount: $236,701 — 6th lowest
> Median household income: $58,235 — 16th lowest
> Total population: 6,696,893 — 17th highest
40. Oklahoma
> Extra amount paid over 30-year lifetime of mortgage: $77,721.61
> Difference in monthly payments (Jan vs Apr rates): +$215.89
> Average mortgage amount: $237,849 — 7th lowest
> Median household income: $53,840 — 8th lowest
> Total population: 3,949,342 — 23rd lowest
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39. Alabama
> Extra amount paid over 30-year lifetime of mortgage: $77,829.79
> Difference in monthly payments (Jan vs Apr rates): +$216.19
> Average mortgage amount: $242,175 — 10th lowest
> Median household income: $52,035 — 6th lowest
> Total population: 4,893,186 — 24th highest
38. South Carolina
> Extra amount paid over 30-year lifetime of mortgage: $78,680.27
> Difference in monthly payments (Jan vs Apr rates): +$218.56
> Average mortgage amount: $264,716 — 19th lowest
> Median household income: $54,864 — 10th lowest
> Total population: 5,091,517 — 23rd highest
37. Kansas
> Extra amount paid over 30-year lifetime of mortgage: $82,295.27
> Difference in monthly payments (Jan vs Apr rates): +$228.60
> Average mortgage amount: $261,988 — 18th lowest
> Median household income: $61,091 — 21st lowest
> Total population: 2,912,619 — 16th lowest
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36. Tennessee
> Extra amount paid over 30-year lifetime of mortgage: $82,793.18
> Difference in monthly payments (Jan vs Apr rates): +$229.98
> Average mortgage amount: $275,815 — 22nd lowest
> Median household income: $54,833 — 9th lowest
> Total population: 6,772,268 — 16th highest
35. Wyoming
> Extra amount paid over 30-year lifetime of mortgage: $83,873.37
> Difference in monthly payments (Jan vs Apr rates): +$232.98
> Average mortgage amount: $284,989 — 25th lowest
> Median household income: $65,304 — 20th highest
> Total population: 581,348 — the lowest
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34. Louisiana
> Extra amount paid over 30-year lifetime of mortgage: $84,895.41
> Difference in monthly payments (Jan vs Apr rates): +$235.82
> Average mortgage amount: $256,150 — 13th lowest
> Median household income: $50,800 — 4th lowest
> Total population: 4,664,616 — 25th highest
33. Nebraska
> Extra amount paid over 30-year lifetime of mortgage: $85,938.78
> Difference in monthly payments (Jan vs Apr rates): +$238.72
> Average mortgage amount: $259,503 — 16th lowest
> Median household income: $63,015 — 25th highest
> Total population: 1,923,826 — 14th lowest
32. North Dakota
> Extra amount paid over 30-year lifetime of mortgage: $86,317.29
> Difference in monthly payments (Jan vs Apr rates): +$239.77
> Average mortgage amount: $257,718 — 15th lowest
> Median household income: $65,315 — 19th highest
> Total population: 760,394 — 4th lowest
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31. South Dakota
> Extra amount paid over 30-year lifetime of mortgage: $86,748.31
> Difference in monthly payments (Jan vs Apr rates): +$240.97
> Average mortgage amount: $257,301 — 14th lowest
> Median household income: $59,896 — 20th lowest
> Total population: 879,336 — 5th lowest
30. Minnesota
> Extra amount paid over 30-year lifetime of mortgage: $87,938.13
> Difference in monthly payments (Jan vs Apr rates): +$244.27
> Average mortgage amount: $283,885 — 24th lowest
> Median household income: $73,382 — 13th highest
> Total population: 5,600,166 — 22nd highest
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29. New Mexico
> Extra amount paid over 30-year lifetime of mortgage: $87,966.60
> Difference in monthly payments (Jan vs Apr rates): +$244.35
> Average mortgage amount: $260,309 — 17th lowest
> Median household income: $51,243 — 5th lowest
> Total population: 2,097,021 — 15th lowest
28. Pennsylvania
> Extra amount paid over 30-year lifetime of mortgage: $88,559.58
> Difference in monthly payments (Jan vs Apr rates): +$246.00
> Average mortgage amount: $273,634 — 21st lowest
> Median household income: $63,627 — 22nd highest
> Total population: 12,794,885 — 5th highest
27. Georgia
> Extra amount paid over 30-year lifetime of mortgage: $89,851.64
> Difference in monthly payments (Jan vs Apr rates): +$249.59
> Average mortgage amount: $299,992 — 24th highest
> Median household income: $61,224 — 22nd lowest
> Total population: 10,516,579 — 8th highest
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26. Texas
> Extra amount paid over 30-year lifetime of mortgage: $92,010.59
> Difference in monthly payments (Jan vs Apr rates): +$255.58
> Average mortgage amount: $306,217 — 21st highest
> Median household income: $63,826 — 21st highest
> Total population: 28,635,442 — 2nd highest
25. Illinois
> Extra amount paid over 30-year lifetime of mortgage: $92,828.39
> Difference in monthly payments (Jan vs Apr rates): +$257.86
> Average mortgage amount: $298,441 — 25th highest
> Median household income: $68,428 — 17th highest
> Total population: 12,716,164 — 6th highest
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24. Connecticut
> Extra amount paid over 30-year lifetime of mortgage: $94,019.88
> Difference in monthly payments (Jan vs Apr rates): +$261.17
> Median household income: $79,855 — 5th highest
> Total population: 3,570,549 — 22nd lowest
23. North Carolina
> Extra amount paid over 30-year lifetime of mortgage: $94,047.19
> Difference in monthly payments (Jan vs Apr rates): +$261.24
> Average mortgage amount: $304,239 — 22nd highest
> Median household income: $56,642 — 12th lowest
> Total population: 10,386,227 — 9th highest
22. Rhode Island
> Extra amount paid over 30-year lifetime of mortgage: $94,513.95
> Difference in monthly payments (Jan vs Apr rates): +$262.54
> Average mortgage amount: $310,590 — 20th highest
> Median household income: $70,305 — 15th highest
> Total population: 1,057,798 — 7th lowest
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21. Vermont
> Extra amount paid over 30-year lifetime of mortgage: $94,636.23
> Difference in monthly payments (Jan vs Apr rates): +$262.88
> Average mortgage amount: $266,045 — 20th lowest
> Median household income: $63,477 — 23rd highest
> Total population: 624,340 — 2nd lowest
20. New Hampshire
> Extra amount paid over 30-year lifetime of mortgage: $94,856.24
> Difference in monthly payments (Jan vs Apr rates): +$263.49
> Average mortgage amount: $316,939 — 17th highest
> Median household income: $77,923 — 7th highest
> Total population: 1,355,244 — 10th lowest
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19. Maine
> Extra amount paid over 30-year lifetime of mortgage: $95,670.50
> Difference in monthly payments (Jan vs Apr rates): +$265.75
> Average mortgage amount: $278,694 — 23rd lowest
> Median household income: $59,489 — 19th lowest
> Total population: 1,340,825 — 9th lowest
18. Florida
> Extra amount paid over 30-year lifetime of mortgage: $96,397.07
> Difference in monthly payments (Jan vs Apr rates): +$267.77
> Average mortgage amount: $303,884 — 23rd highest
> Median household income: $57,703 — 14th lowest
> Total population: 21,216,924 — 3rd highest
17. Alaska
> Extra amount paid over 30-year lifetime of mortgage: $99,191.94
> Difference in monthly payments (Jan vs Apr rates): +$275.53
> Average mortgage amount: $317,575 — 16th highest
> Median household income: $77,790 — 8th highest
> Total population: 736,990 — 3rd lowest
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16. Nevada
> Extra amount paid over 30-year lifetime of mortgage: $100,135.07
> Difference in monthly payments (Jan vs Apr rates): +$278.15
> Average mortgage amount: $339,422 — 12th highest
> Median household income: $62,043 — 25th lowest
> Total population: 3,030,281 — 19th lowest
15. Montana
> Extra amount paid over 30-year lifetime of mortgage: $100,395.73
> Difference in monthly payments (Jan vs Apr rates): +$278.88
> Average mortgage amount: $313,336 — 19th highest
> Median household income: $56,539 — 11th lowest
> Total population: 1,061,705 — 8th lowest
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14. Maryland
> Extra amount paid over 30-year lifetime of mortgage: $101,075.36
> Difference in monthly payments (Jan vs Apr rates): +$280.76
> Average mortgage amount: $342,355 — 11th highest
> Median household income: $87,063 — the highest
> Total population: 6,037,624 — 19th highest
13. Delaware
> Extra amount paid over 30-year lifetime of mortgage: $101,231.17
> Difference in monthly payments (Jan vs Apr rates): +$281.20
> Average mortgage amount: $320,533 — 14th highest
> Median household income: $69,110 — 16th highest
> Total population: 967,679 — 6th lowest
12. Arizona
> Extra amount paid over 30-year lifetime of mortgage: $101,399.08
> Difference in monthly payments (Jan vs Apr rates): +$281.66
> Average mortgage amount: $333,636 — 13th highest
> Median household income: $61,529 — 23rd lowest
> Total population: 7,174,064 — 14th highest
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11. Idaho
> Extra amount paid over 30-year lifetime of mortgage: $102,215.17
> Difference in monthly payments (Jan vs Apr rates): +$283.93
> Average mortgage amount: $319,046 — 15th highest
> Median household income: $58,915 — 17th lowest
> Total population: 1,754,367 — 12th lowest
10. Virginia
> Extra amount paid over 30-year lifetime of mortgage: $102,477.90
> Difference in monthly payments (Jan vs Apr rates): +$284.66
> Average mortgage amount: $352,105 — 8th highest
> Median household income: $76,398 — 10th highest
> Total population: 8,509,358 — 12th highest
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9. Hawaii
> Extra amount paid over 30-year lifetime of mortgage: $104,225.19
> Difference in monthly payments (Jan vs Apr rates): +$289.51
> Average mortgage amount: $427,901 — 3rd highest
> Median household income: $83,173 — 4th highest
> Total population: 1,420,074 — 11th lowest
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8. Oregon
> Extra amount paid over 30-year lifetime of mortgage: $105,221.22
> Difference in monthly payments (Jan vs Apr rates): +$292.28
> Average mortgage amount: $343,115 — 10th highest
> Median household income: $65,667 — 18th highest
> Total population: 4,176,346 — 24th lowest
7. New York
> Extra amount paid over 30-year lifetime of mortgage: $111,171.46
> Difference in monthly payments (Jan vs Apr rates): +$308.81
> Average mortgage amount: $351,169 — 9th highest
> Median household income: $71,117 — 14th highest
> Total population: 19,514,849 — 4th highest
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6. Utah
> Extra amount paid over 30-year lifetime of mortgage: $117,000.56
> Difference in monthly payments (Jan vs Apr rates): +$325.00
> Average mortgage amount: $369,811 — 7th highest
> Median household income: $74,197 — 12th highest
> Total population: 3,151,239 — 21st lowest
5. New Jersey
> Extra amount paid over 30-year lifetime of mortgage: $117,029.28
> Difference in monthly payments (Jan vs Apr rates): +$325.08
> Average mortgage amount: $379,914 — 6th highest
> Median household income: $85,245 — 2nd highest
> Total population: 8,885,418 — 11th highest
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4. Colorado
> Extra amount paid over 30-year lifetime of mortgage: $119,164.99
> Difference in monthly payments (Jan vs Apr rates): +$331.01
> Average mortgage amount: $382,571 — 5th highest
> Median household income: $75,231 — 11th highest
> Total population: 5,684,926 — 21st highest
3. Massachusetts
> Extra amount paid over 30-year lifetime of mortgage: $121,404.15
> Difference in monthly payments (Jan vs Apr rates): +$337.23
> Average mortgage amount: $407,532 — 4th highest
> Median household income: $84,385 — 3rd highest
> Total population: 6,873,003 — 15th highest
2. Washington
> Extra amount paid over 30-year lifetime of mortgage: $128,658.52
> Difference in monthly payments (Jan vs Apr rates): +$357.38
> Average mortgage amount: $447,400 — 2nd highest
> Median household income: $77,006 — 9th highest
> Total population: 7,512,465 — 13th highest
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1. California
> Extra amount paid over 30-year lifetime of mortgage: $146,440.82
> Difference in monthly payments (Jan vs Apr rates): +$406.78
> Average mortgage amount: $493,578 — the highest
> Median household income: $78,672 — 6th highest
> Total population: 39,346,023 — the highest
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