With rates still hovering near 7%, the city you buy in could make or break your mortgage affordability. In some markets, the majority of buyers are locking in sub-7% loans. In others, scoring a deal like that is the exception—not the rule.
A new analysis from Construction Coverage highlights the U.S. cities and states where homebuyers are still securing the most favorable mortgage rates. Researchers ranked locations by the share of approved fixed-rate loans under 7% in 2024, using the latest data from the Home Mortgage Disclosure Act.
Key Takeaways, With Data for Charlotte-Concord-Gastonia, NC-SC
- Sub-7% Mortgage Rates Are Common—But Not Guaranteed: Nationwide, roughly 65% of approved fixed-rate loans in 2024 had rates below 7%, but the likelihood of securing one varied significantly by location.
- Some States Help Buyers Beat the Rate Squeeze: In Alaska and North Dakota, more than 75% of approved home loans had rates under 7%—the highest shares in the country. Following closely were Iowa, Massachusetts, South Dakota, Colorado, and Connecticut, all with shares over 70%.
- Southern Markets See Least Favorable Rates: In Mississippi, just 43.1% of borrowers locked in rates below 7%, the lowest share of any state. Other Southern states like Louisiana (53.5%), Oklahoma (55.5%), and Alabama (57.8%) also ranked near the bottom.
- Mortgage Snapshot for Charlotte Metro Buyers: In the Charlotte metro, 70.7% of fixed-rate mortgages approved in 2024 had rates under 7%, the 12th largest share of any large U.S. metro. Meanwhile, its median interest rate across all fixed-rate mortgages was 6.625%—unchanged from the previous year—compared to the national median of 6.750%.
