NEW: RI Ranks #1 in America for Cheap Mortgage Rates

NEW: RI Ranks #1 in America for Cheap Mortgage Rates

Rhode Island has the lowest mortgage rates in the country, according to a new report from GoBankingRates.com.

"While many mortgage experts predicted that interest rates would rise in 2014, this is far from the case in the Ocean State, where mortgage rates are near historic lows," GoBankingRates said in an article published on their website.

Rhode Island has an average mortgage rate of 3.395%. The national average mortgage rate is 3.747%.

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GoBankingRates also highlighted rising home values in Rhode Island, with the median housing price up to $218,900.

Read the full report here.