For week 8, the Southeast and West Regions offered the best mortgage rates available in the nation. The Southeast Region, which is composed of North Carolina, South Carolina, Virginia, Tennessee, Kentucky, Georgia, Alabama, Florida, Mississippi, and the territory of Puerto Rico, boasted an average flat rate of 4.92%, compared to the national average of 4.95%. The West Region, which includes the states of California, Arizona, Nevada, Oregon, Washington, Utah, Idaho, Montana, Hawaii and Alaska, along with the territory of Guam, clocked in at an impressive 4.90%.

Fifteen-Year Rate Also Lower in Southeast and West

Along with enjoying the best average rates on thirty-year mortgages, the Southeast was also one of two regions that posted a fifteen-year mortgage rate under the national average of 4.22%., offering an average flat rate of 4.21%. Other regions in the country were at or above the national average, posting differences that are similar to those of week 7.

The difference between the national average and a regional average on fifteen-year mortgage rates was even greater in the West Region. Posting an average flat rate of 4.16%, the West clearly offered the best rate of any area in the United States. As with the Southeast Region, the West has also posted rates that are below the national average for several weeks, indicating that anyone who is looking for homes with great rates and terms in those areas have a great chance of locking in rates that are not available in any other area of the country.