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New York and Washington had the lowest 30-year mortgage rates on Thursday. Tennessee, Texas California Florida Michigan North Carolina and Pennsylvania were the next states with the lowest rates. The nine states recorded averages between 6,68% and 6,85%.
Alaska, West Virginia Washington, D.C. Maryland, North Dakota Rhode Island and New Mexico had the highest rates on Thursday. The range for these states’ averages was 6.94% – 7.04%.
Mortgage rates vary depending on the state they originate from. Different lenders operate in various regions. Rates can be affected by variations in state-level regulations, credit scores, and average loan sizes. Lenders use different risk management techniques that affect the rates they charge.
No matter what type of mortgage you are looking for, it is wise to shop around and compare rates frequently, as rates vary widely between lenders.
You can also read about the importance of this in
The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate that you will receive is based on your credit rating, income and other factors.
National Mortgage Rate Averages
After a dramatic April of ups and downs, 30-year purchase mortgages have stabilized, bouncing in a narrow band for the last week. The 30-year national average dropped 2 basis points to 6.88% on Thursday. In early April, rates surged 44 basis points in a week, shooting the average up to 7.14%—its most expensive level since May 2024.
In March, rates for 30-year mortgages fell to 6.50% – their lowest average since 2025. In September, 30-year rates fell to a 2-year low of 5.89%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| 30-Year Fixed | 6.88% |
| FHA 30-Year Fixed | 7.33% |
| Fixed 15-Year Rate | 5.93% |
| Jumbo 30-Year Fixed | 6.79% |
| 5/6 ARM | 7.10% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – May 2, 2025
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What causes mortgage rates rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- The direction and level in which the bond market is moving, particularly with regard to 10-year Treasury rates
- The Federal Reserve’s current policy on monetary policy. This includes bond purchases and government-backed mortgages.
- Mortgage lenders are competing with each other to offer different types of loans.
Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute any change to any one factor.
Macroeconomic factors kept mortgage rates low for most of 2021. The Federal Reserve bought billions of dollars’ worth of bonds to respond to the economic pressures caused by the pandemic. This bond-buying strategy is a major factor in determining mortgage rates.
The Fed will begin to taper its bond purchases in November 2021. It will make monthly reductions that are significant until March 2022, when the net purchase amount is zero.
The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. The Fed Funds Rate and mortgage rates can even move in opposite directions.
But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.
The Fed kept the federal funds rate at a peak level for nearly 14 months, starting in July 2023. In September, the Fed announced a rate cut of 0.50 percent, followed by quarter-point cuts in November and Decembre.
For its first meeting of the new year, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates are what borrowers will receive when they receive quotes from lenders, based on the qualifications of the borrower. These rates can differ from advertised teaser rate. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.
Article Sources Investopedia asks writers to use primary resources to support their writing. White papers, government statistics, original reporting and interviews with industry professionals are all examples. We also use original research from other reputable publications when appropriate. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial policy
Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.
