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New York, Minnesota Tennessee Florida Texas North Carolina Pennsylvania and Pennsylvania had the lowest mortgage rates for 30-years new purchases on Wednesday. The seven states recorded averages between 6.98% – 7.03%.
Alaska, Montana West Virginia, Louisiana North Dakota, Nevada and Vermont had the highest Wednesday rates. The range for these states averaged between 7.11% and 7.12%.
Mortgage rates vary depending on the state they originate from. Different lenders are active in different regions. Rates may be influenced state-level variations of credit score, average loan amount, and regulations. Lenders have different risk management strategies which influence the rates that they offer.
It’s important to compare rates and shop around for the best mortgage, regardless of what type you want.
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 that you will receive is based on your credit rating, income, etc., so it may vary from what you see.
National Mortgage Rate Averages
The 30-year mortgage rates have risen 36 basis points in the last three days, to 7.06%. The last time rates reached this level was in mid-January, when they were 7.13%.
Last month rates on 30-year bonds fell to their lowest average for 2025, a rate of 6.50%. 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 |
| Fixed 30-Year Rate | 7.06% |
| FHA 30-Year fixed | 7.04% |
| Fixed 15-Year Rate | 6.22% |
| Jumbo 30-Year Fixed | 7.01% |
| 5/6 ARM | 7.25% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – April 10, 2025
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What causes mortgage rates to rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- The direction and level of the bond markets, particularly 10-year Treasury yields
- The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and government-backed loans
- 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 remained the main reason for the relatively low mortgage market in 2021. The Federal Reserve bought billions of dollars’ worth of bonds to respond to the economic pressures caused by the pandemic. This bond-buying program is a major influence on 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.
The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high 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, 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 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 asks writers to use primary resources to support their writing. 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 for March 19, 2025,” page 4.
