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 Texas, the average APR - annual percentage rate - on a mortgage rose from 3.80% in January to 5.21% in April. This increase means that a homebuyer who took out a mortgage in April will pay about $256 more per month in interest than one who took out a mortgage in January, based on the average mortgage amount of $306,217 across Texas.

Accounting for both average home values and mortgage rates, the increase in interest rates from January to April for the typical homebuyer in Texas will add up to $3,067 more in the first year alone and $92,011 over the lifetime of the 30-year mortgage - the 25th smallest 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.

 

RankStateExtra amount paid over 30-year lifetime of mortgage ($)Average APR, January 2022 (%)Average APR, April 2022 (%)Average mortgage amount, 2022 ($)
1California$146,4413.705.09493,578
2Washington$128,6593.765.11447,400
3Massachusetts$121,4043.695.10407,532
4Colorado$119,1653.725.18382,571
5New Jersey$117,0293.625.08379,914
6Utah$117,0013.685.16369,811
7New York$111,1713.685.17351,169
8Oregon$105,2213.765.20343,115
9Hawaii$104,2253.734.88427,901
10Virginia$102,4783.815.18352,105
11Idaho$102,2153.765.26319,046
12Arizona$101,3993.915.32333,636
13Delaware$101,2313.695.18320,533
14Maryland$101,0753.775.15342,355
15Montana$100,3963.605.11313,336
16Nevada$100,1353.855.23339,422
17Alaska$99,1923.585.05317,575
18Florida$96,3973.765.25303,884
19Maine$95,6713.785.38278,694
20New Hampshire$94,8563.825.22316,939
21Vermont$94,6363.735.39266,045
22Rhode Island$94,5143.695.12310,590
23North Carolina$94,0473.765.21304,239
24Connecticut$94,0203.735.13314,565
25Illinois$92,8283.785.23298,441
26Texas$92,0113.805.21306,217
27Georgia$89,8523.845.24299,992
28Pennsylvania$88,5603.805.31273,634
29New Mexico$87,9673.875.44260,309
30Minnesota$87,9383.775.22283,885
31South Dakota$86,7483.535.12257,301
32North Dakota$86,3173.745.30257,718
33Nebraska$85,9393.745.29259,503
34Louisiana$84,8953.855.39256,150
35Wyoming$83,8733.855.22284,989
36Tennessee$82,7933.965.35275,815
37Kansas$82,2953.845.30261,988
38South Carolina$78,6803.915.29264,716
39Alabama$77,8303.915.40242,175
40Oklahoma$77,7223.845.36237,849
41Indiana$77,2833.905.42236,701
42Mississippi$76,5243.885.39235,123
43Michigan$76,1063.875.32244,039
44Arkansas$75,9143.815.25246,672
45Iowa$74,8743.845.34233,618
46Wisconsin$74,8133.895.34240,729
47Missouri$72,9393.995.46229,615
48Kentucky$72,8203.915.41224,562
49West Virginia$72,2923.865.47207,300
50Ohio$71,8373.945.33241,517