Interest rates on mortgage loans are rising rapidly in the United States. As the Federal Reserve pursues an aggressive strategy of rate hikes to curb inflation, homebuyers are increasingly saddled with higher borrowing costs.

The national average 30-year fixed mortgage rate is now approaching 6%, up from just 3.79% in January. The rate increase could mean tens of thousands of dollars more in interest payments for new homebuyers this year.

A recent report published by loan platform LendingTree reviewed home sale and mortgage data to quantify the effect rising mortgage rates could have on homebuyers.

In Florida, the average APR – annual percentage rate – on a mortgage rose from 3.76% in January to 5.25% in April. This increase means that a homebuyer who took out a mortgage in April will pay about $268 more per month in interest than one who took out a mortgage in January, based on the average mortgage amount of $303,884 across Florida.

Accounting for both average home values and mortgage rates, the increase in interest rates from January to April for the typical homebuyer in Florida will add up to $3,213 more in the first year alone and $96,397 over the lifetime of the 30-year mortgage – the 18th largest increase among states.

All data in this story is from the report Rising Mortgage Rates Could Cost Some Homebuyers More Than $100,000 Over Lifetime of Loans from LendingTree.

 

Rank	State	Extra amount paid over 30-year lifetime of mortgage ($)	Average APR, January 2022 (%)	Average APR, April 2022 (%)	Average mortgage amount, 2022 ($)
1	California	$146,441	3.70	5.09	493,578
2	Washington	$128,659	3.76	5.11	447,400
3	Massachusetts	$121,404	3.69	5.10	407,532
4	Colorado	$119,165	3.72	5.18	382,571
5	New Jersey	$117,029	3.62	5.08	379,914
6	Utah	$117,001	3.68	5.16	369,811
7	New York	$111,171	3.68	5.17	351,169
8	Oregon	$105,221	3.76	5.20	343,115
9	Hawaii	$104,225	3.73	4.88	427,901
10	Virginia	$102,478	3.81	5.18	352,105
11	Idaho	$102,215	3.76	5.26	319,046
12	Arizona	$101,399	3.91	5.32	333,636
13	Delaware	$101,231	3.69	5.18	320,533
14	Maryland	$101,075	3.77	5.15	342,355
15	Montana	$100,396	3.60	5.11	313,336
16	Nevada	$100,135	3.85	5.23	339,422
17	Alaska	$99,192	3.58	5.05	317,575
18	Florida	$96,397	3.76	5.25	303,884
19	Maine	$95,671	3.78	5.38	278,694
20	New Hampshire	$94,856	3.82	5.22	316,939
21	Vermont	$94,636	3.73	5.39	266,045
22	Rhode Island	$94,514	3.69	5.12	310,590
23	North Carolina	$94,047	3.76	5.21	304,239
24	Connecticut	$94,020	3.73	5.13	314,565
25	Illinois	$92,828	3.78	5.23	298,441
26	Texas	$92,011	3.80	5.21	306,217
27	Georgia	$89,852	3.84	5.24	299,992
28	Pennsylvania	$88,560	3.80	5.31	273,634
29	New Mexico	$87,967	3.87	5.44	260,309
30	Minnesota	$87,938	3.77	5.22	283,885
31	South Dakota	$86,748	3.53	5.12	257,301
32	North Dakota	$86,317	3.74	5.30	257,718
33	Nebraska	$85,939	3.74	5.29	259,503
34	Louisiana	$84,895	3.85	5.39	256,150
35	Wyoming	$83,873	3.85	5.22	284,989
36	Tennessee	$82,793	3.96	5.35	275,815
37	Kansas	$82,295	3.84	5.30	261,988
38	South Carolina	$78,680	3.91	5.29	264,716
39	Alabama	$77,830	3.91	5.40	242,175
40	Oklahoma	$77,722	3.84	5.36	237,849
41	Indiana	$77,283	3.90	5.42	236,701
42	Mississippi	$76,524	3.88	5.39	235,123
43	Michigan	$76,106	3.87	5.32	244,039
44	Arkansas	$75,914	3.81	5.25	246,672
45	Iowa	$74,874	3.84	5.34	233,618
46	Wisconsin	$74,813	3.89	5.34	240,729
47	Missouri	$72,939	3.99	5.46	229,615
48	Kentucky	$72,820	3.91	5.41	224,562
49	West Virginia	$72,292	3.86	5.47	207,300
50	Ohio	$71,837	3.94	5.33	241,517

 

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