West Virginia Mortgage Rates

The peace and serenity accentuated by the Appalachian charm is just one of the many reasons that make the West Virginian appeal attractive to many. Whether you’re looking for adventure or simply want to settle into the kind of comfort afforded by a rustic environment, the Mountain State makes the choice easy.

Another advantage of settling in West Virginia is the price. While average state home values have increased by roughly a percentage in the past year, it still remains one of the most affordable places to buy a home.

Zillow’s Home Value index lists median home value in the state at $99,800 – way below the national average of $201,900. In a year, these homes are predicted to rise by 4.2 percent.

It could be wise to invest now before any hike happens and while national mortgage rates are still at 4 percent. While rates today are still considered one of the lowest in recent history, it could be difficult for it to stay that way or to reach this low again anytime in the near future.

Why pay attention to rates?

Mortgage interest rates is a significant part of your mortgage payment. The higher the interest, the bigger you need to pay off your home.

However, mortgage rates are not fixed. The rate of a borrower is determined by his or her personal finances and the existing market factors. For example, if you have a bad credit score, the lender will place a higher fee on your loan to compensate for the risk.

Certain political events can also impact mortgage rates. The 4 percent rate we have today is still a ripple from the Brexit phenomenon that shattered European markets June of last year.

It’s a volatile factor that makes a big difference in your loan payments. That is why when comparing lenders, the mortgage interest rates is one of the most important basis you can use for comparison.

If you’re looking for a home in West Virginia, here is the best place to start. Head over to our mortgage rate comparison tool to shop for the best rates available in the state.

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