Best and worst mortgage rates for homebuyers, by state

By Personal FinanceFOXBusiness

Increasing number of millennials shifting from renting to buying homes?

DeBianchi Real Estate's Samantha DeBianchi on the state of the U.S. housing market.

U.S. homebuyers are facing affordability challenges as home prices continue rising, however everything from mortgage rate terms to average down payments can vary markedly from state to state.

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The average interest rate offered in the U.S. is 4.84 percent, according to findings from online lending exchange LendingTree. Rates tended to fall within a fairly narrow range across the country – there were no states with rates below 4.74 percent or in excess of 4.96 percent.

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The average down payment across all 50 states is about $28,000, while the average loan offered in the U.S. is $224,297.

Here’s a look at the conditions prospective homebuyers are currently facing in the housing market, as compiled by LendingTree:

Highest interest rates

The states with the highest average interest rates are:

New York: Average interest rates in the Empire State are 4.96 percent, the highest in the country.

Iowa: In Iowa, residents face the second-highest interest rates, at 4.93 percent.

Arkansas: At 4.92 percent, residents in Arkansas only face slightly lower rates than Iowans.

Lowest interest rates

The states where interest rates are the lowest include:

California: The Golden State has the lowest interest rates, on average, at 4.74 percent.

New Jersey: Follows California with the second-lowest rates of 4.75 percent.

Washington & Massachusetts are tied for the third place spot, each state offering average rates of 4.76 percent.

Highest down payment

The states where consumers tend to put down the highest average down payment is New York, at $43,404.

Lowest down payment

On the flip side, residents in West Virginia typically only need to put down a little bit more than $15,000.

Lowest APR

The state with the lowest average APR is California at 4.83 percent.

Highest APR

New York had the highest APR at 5.07 percent.

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Highest offered loan

California homebuyers were offered the highest average loan, at $313,508.

Lowest offered loan

In Oklahoma, the average loan offered was the lowest out of all 50 states, at $186,502.