As many as a third of all American homeowners are on fixed-rate mortgages, according to a report by the National Association of Realtors.
According to the report, the median mortgage rate in California is 2.86 percent, while the average rate is 2,857 percent.
The highest rates are in Alaska, New Mexico, Texas and Utah, according the report.
“The national median mortgage interest rate is currently at 2.98 percent, well below the historic average of 3.13 percent and well below most other major metropolitan areas,” said the report released Monday.
“There are many factors that contribute to this trend, including an aging population, increasing consumer debt, rising mortgage interest rates, and rising consumer debt burdens.”
Many of these states also have low property taxes, according To The Top, a newsletter written by real estate attorneys for the Realtor’s Association.
“This trend will continue as the Federal Reserve moves to raise interest rates to create more liquidity for lenders,” To The Over said.
In addition to California, New York, Florida, Texas, Ohio, Georgia and Maryland have the highest rates, according The National Association.
Other states that have the lowest mortgage rates are Georgia (0.82 percent), Tennessee (0