LOS ANGELES – Rhode Island has the lowest mortgage rate in the nation at 3.4 percent, according to a survey by gobankingrates.com.
“While many mortgage experts predicted that interest rates would rise in 2014, this is far from the case in the Ocean State, where mortgage rates are near historic lows,” said Laura Woods in an Aug. 6 online article “Rhode Island Named Cheapest State for Mortgage Rates” for gobankingrates.com
A partnership of gobankingrates.com and RateWatch for a survey of mortgage rates in the 50 states and Washington, D.C. found that the average national rate if 3.74 percent.
The five-year adjustable rate mortgage in Rhode Island of 2.67 percent is the lowest in the country, said Woods.
After Rhode Island, the survey found the lowest mortgage rates in Connecticut, Nevada, Pennsylvania and Maryland.
The highest mortgage rates were in Nebraska, South Dakota, Wyoming, Vermont and Oklahoma.