Which states have high mortgage rates?

Mortgage rates remain stubbornly high across the country. But one state takes the crown for having the highest rate in the nation.

The average 30-year, fixed-rate mortgage rate in West Virginia is 7.0 percent, the highest in the U.S., according to data from Investopedia. (Data, sourced from about 40 lenders, is up to date as of the end of day Monday for new purchase loans with at least a 20 percent down payment and a credit score of between 680 and 739.)

Alaska and Wyoming are second and third, with average rates of 6.98 percent and 6.94 percent, respectively.

The states with the lowest average 30-year, fixed rates line the coast and sit below the national average of 6.87 percent: New York (6.69 percent); New Jersey (6.82 percent); California (6.82 percent); and North Carolina (6.83 percent).

Mortgage rates are inching closer to the 7 percent mark, which has led homebuyers to pull back on filing applications for loans to buy houses. Last week, there was a bump in mortgage applications as the average rate ticked down to 6.77 percent — the lowest in three months, according to the Mortgage Bankers Association. However, this week, it bounced back up.

As rates continue to hold above 6.5 percent, those hoping to refinance their mortgages are finding they have to wait longer for rates to fall. Most household mortgages taken out since 2022 have rates above 6.5 percent, making up 7.5 million mortgages. As of Tuesday, the average rate for a refinanced mortgage was 7.04 percent, according to Investopedia.

Inflation also remains elevated, signaling that the Federal Reserve will be unlikely to cut its benchmark federal funds rate when it meets later this month. The Bureau of Labor Statistics reported on July 15 the Consumer Price Index was up 2.7 percent compared to the previous year. In May, the index had risen 2.4 percent year over year.

Here’s a closer look at the average 30-year, fixed-rate mortgage in each state.