As mortgage rates decline nationally, Indiana is experiencing some of the steepest cuts:
Homebuyers sitting on the sidelines have been seeing federal mortgage rates hovering above 6%, but the good news is—depending on what state you live in—you may find lower rates.
The current interest rate for a 30-year fixed mortgage is 6.3% for the week ending Sept. 25, according to Freddie Mac.
"The rankings suggest lenders in lower-cost housing markets are cutting rates more aggressively to encourage activity," WalletHub analyst Chip Lupo tells Realtor.com®.
"For buyers, that means lower monthly payments in areas where homes are already cheaper than in coastal markets, making these regions especially attractive right now."
Behind Alabama (-16.65%), Mississippi (-16.47%), and Iowa (-16.35%), Indiana ranked in 4th place:
4. Indiana
Decrease of 16.34%
Average rate: 5.06%
Median home list price: $299,900