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New Jersey, Texas and New York were the states with the lowest 30-year mortgage rates on Monday. California, Kentucky, North Carolina and Florida also ranked high. The nine states recorded averages ranging between 6.71% to 6.78%.
Washington, D.C., Hawaii, Maryland, Wyoming, West Virginia, Iowa, Illinois, North Dakota, Utah, and Utah were the states with the highest rates on Monday. The averages of these states ranged from 6.87% to 6,91%.
Mortgage rates vary depending on the state they originate from. Different lenders are active in different regions. Rates may be affected by variations at the state level in credit score, average loans, and regulations. Lenders have different risk management strategies which influence the rates that they offer.
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.
It is important to note that
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 you receive will depend on your credit score, income and other factors. It may differ from the averages shown here.
National Mortgage Rate Averages
Rates on 30-year new purchase mortgages dipped Monday to average 6.81%—their lowest level in more than a week. In the first half of this month, 30-year mortgage rates fell to 6.50%. This was their lowest average since 2025.
Back in September, 30-year rates plunged to 5.89%—a two-year low. The rates then soared up to 7.13%, and then recently eased lower.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| 30-Year Fixed | 6.81% |
| FHA 30-Year Fixed | 7.26% |
| Fixed-Term 15-Year Agreement | 5.84% |
| Jumbo 30-Year Fixed | 6.74% |
| 5/6 ARM | 7.25% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – April 1, 2025
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What causes mortgage rates rise or fall?
Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:
- The level and direction in the bond market, notably 10-year Treasury rates
- The Federal Reserve’s current monetary policies, particularly as they relate to bond purchases and funding government-backed loans
- Mortgage lenders compete with each other for different loan types.
Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute any change to any one factor.
Macroeconomic forces kept the mortgage market at a relatively low level 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.
Starting in November 2021 the Fed will begin to reduce its bond purchases, making monthly reductions of a significant amount until reaching net zero by March 2022.
Fed aggressively increased the federal funds rate between July 2023 and then to fight the inflation which has been at a high level for decades. The fed funds rate does not directly affect mortgage rates. The fed funds rate can actually move in the opposite direction to mortgage rates.
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 maintained its federal funds rate near its highest level for almost 14-months, beginning in July of 2023. In September, however, the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by a quarter-point cut in November and December.
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. Eight rate-setting meetings are scheduled each year, so we could see several rate-hold announcements by 2025.
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 rates are what borrowers can expect to receive from lenders when they get quotes based on their qualifications. These rates may differ from teaser rates advertised. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.
Article Sources Investopedia requires that writers use primary sources in order to support their work. White papers, government statistics, original reporting and interviews with industry professionals are all examples. Where appropriate, we also reference original research by other reputable publishers. Our website contains more information about the standards that we use to produce accurate, unbiased content. Editorial Policy
Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.
