The rate on a 30-year fixed refinance slipped to 6.6% today, according to the Mortgage Research Center. Rates averaged 5.56% for a 15-year financed mortgage and 6.33% for a 20-year financed mortgage.

My husband and I had put off buying our "forever home" for some time, holding onto our smallish condo with the 2.75% mortgage rate we scored during the pandemic. Over the last few years, we've watched supply remain stagnant while property values continue their steady upward march.

Mortgage lenders typically use risk-based pricing, which assesses the probability of default based on factors such as credit scores. In states with strong wages and economic stability, a larger portion of the population may be considered lower-risk borrowers. This can result in a lower average mortgage rate for those states.