Mortgage Rate Rises – 10 U.S. States Most Affected by Housing Market Crisis

As Americans anxiously await the next Fed rate announcement on September 20, many are taking to the internet to assess the inflationary impacts on mortgage rates. Studies show that Utah residents are looking for mortgage-related information more than any other state in the country. 

News outlet Mama Say What?! conducted a study as part of their recent merger with Thrifty Guardian, which assesses where people are most concerned about mortgage rates in the country. By analyzing Google search data through Google Trends and Ahrefs, they can identify which states are consulting online resources to search common mortgage keywords. 

With 170,000 Americans searching for information on current mortgage rates each month, Indicates that the impact of inflation on the housing market is paramount for many. 

States Most Concerned with Mortgage Rates in the Last 30 Days

Scoring on a scale of 0 to 400 from low interest to high, researchers examined each state for their search volume of the following keywords: “mortgage interest rates today,” “home interest rates,” “current mortgage interest rates,” and “what are current mortgage rates.”

Utah ranks far above other states in its interest in mortgage rate hikes, ranking first by a landslide with 239 points. The Beehive State far surpasses the number of monthly searches of other states in the country, with Minnesota’s nearest and second-ranking state securing only 158 points, a difference of 81.

In third and fourth place are the states of Alaska and Hawaii. These two states also have the most significant increase in concern when comparing the 30-day data with the 12-month data. This dramatic increase in mortgage rate-related searches could be attributed to several current events. In Hawaii, where residents pay more on average for their monthly mortgage than any other state, they may be feeling the impact of recent wildfires as they aim to relocate. Rounding out the top five is the state of Montana. 

Also appearing on the top ten list for search volume in the last 30 days are Colorado and North Dakota in sixth and seventh, South Dakota in eighth, Michigan in ninth, and Arizona in tenth with 124 points. 

Among the top ten, the states of Utah, Colorado, Arizona, and Minnesota retain a consistent level of interest in mortgage-related queries, appearing on both the 30-day list as well as the 12-month list. 

Conversely, Arizona, Hawaii, Michigan, North Dakota, and South Dakota appear only on the 30-day list, revealing a recent spike in interest in mortgage rates. With each of these groups of states looking for mortgage-related information recently, the escalating rates are causing Americans increasing concern. 

States Most Concerned with Mortgage Rates in the Last 12 Months

Sustained interest in mortgage rate-related queries is evident in Utah, which earns a first-place ranking on both the 12-month and 30-day lists. Scoring even higher than it does on the 30-day list, Utah secures a staggering 323 points, indicating that this state’s residents have been, and continue to be, the most concerned in America about the economic fluctuation of mortgage rates. 

In second place is Colorado, followed by Arizona and Minnesota. Tennessee completes the top five list of states with the highest mortgage-related searches in the last 12 months. 

The top ten list also features the states of Washington, Oregon, Montana, Virginia, and Idaho. 

Of those states on the 12-month list, Tennessee, Washington, Oregon, Virginia, and Idaho are notably missing from the 30-day list, indicating a recent decline in interest in mortgage-related queries in these regions.

Americans Await the Next Rate Announcement

Americans are holding their breath until the Federal Reserve will make its next rate announcement on September 20. The inevitable impact any new changes will make is sure to affect the real estate sector and, subsequently, mortgage rates. This change can have drastic financial implications on variable rate holders or individuals looking to enter the housing market.

According to Federal Reserve Chair Jerome Powell, nothing is set in stone: “I would say it is certainly possible that we would raise funds again at the September meeting if the data warranted…and I would also say it’s possible that we would choose to hold steady at that meeting. We’re going to be making careful assessments.”

As the battle against inflation wages continues, Americans will likely see elevated search rates for mortgage-related queries nationwide. 

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The post Mortgage Rate Rises – 10 U.S. States Most Affected by Housing Market Crisis first appeared on Mama Say What?!

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