In fact, interest rates can vary dramatically from state-to-state.
And borrowers in Rhode Island are benefiting the most, according to a survey by loan information sites GoBankingRates and RateWatch. Borrowers there paid an average rate of just 3.4% on mortgages in July, about 0.35 percentage points below the national average.
Related: Best cities for Millennial homebuyers
Nebraska's residents weren't so lucky: They paid an average of 4.1%, the highest rate in the nation
Over 30 years, that seemingly tiny 0.7 percentage-point difference means that a $200,000, 30-year loan would eventually cost $28,800 more in Nebraska than it would in Rhode Island.
So what gives? On a national level, mortgage rates move in tandem with U.S. bond yields. Yet, several local factors, like property values, competition and risk, can impact rates as well.
In areas where the economy is struggling and fewer people have jobs, lenders need to lower rates in order to attract borrowers. If the economy is booming, then they can afford to bump rates higher.
Related: Buy v rent. What you'll pay in 10 biggest cities
Borrowers also tend to see lower rates in places where home prices are higher. That's because lenders incur many fixed, transaction costs. It can be just as expensive to process a $100,000 mortgage as a $300,000 one so lenders make up for that by charging higher rates for the smaller loans.
Risk is also a factor. The lower the average credit score in an area, the higher the rates. Also, states that make it easier to foreclose on delinquent buyers tend to be cheaper, according to James Zussman, a business development associate for RateWatch.
CNNMoney (New York) August 7, 2014: 4:19 PM ET
Your credit score isn't the only thing determining whether or not you get a good rate on your mortgage. Where you live can also have a big impact.
Want a cheap mortgage? Move to these states
Source: GoBankingRates and RateWatchMethodology: GoBankingRates surveyed mortgage rates for all 50 states and the District of Columbia using data from RateWatch.
If you want an affordable home, head to these states - CBS ...
If you want an affordable home, head to these states. Shares More + If you want to own a cheap home, but a look at mortgage payments provides some insight
Want to Get Out of Student Loan Debt? Don't Move to These ...
Want to Get Out of Student Loan Debt? Don't Move to These 5 carry student loan debt that in most other states, worst student loan default
Buying a Manufactured Home - State Farm Learning Center
Let the State Farm Learning Center teach you all that you need these are constructed as You may find that some financial institutions are reluctant to offer a
Moving to escape state estate taxes - Bankrate.com
you might want to think about moving. only five of these states realized net positive domestic migration. Mortgage Calculator.
Cheap Mortgage Refinance
Cheap Mortgage Refinance need credit check Cash Advance Loans in States No fax Cheap Mortgage Refinance Click unity magnetic and also gravitational move,
10 Reasons Why Moving Might Not Make You Richer
This article will explore 10 reasons why housing in lower-cost-of mortgage in Score A Cheap Mortgage.) moving from one of these no-tax states to a
Buying Country Acreage and Rural Properties - To Buy or ...
Buying Country Acreage and Rural could this "depressing" state of affairs For this reason it is not uncommon for people who move to a rural area to want to
The 10 Least Expensive States to Live in the U.S.
check out these inexpensive states. The. Home; Gear The 10 Least Expensive States to Live How One Man is Paying Off Over $100K in Student Loan Debt; Want