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New York, California New Jersey Virginia, Florida, Indiana Pennsylvania Michigan Montana, Texas, and Florida had the lowest 30-year new mortgage rates on Thursday. The ten state averages ranged between 6.89% – 7.04%.
West Virginia, Alaska, Maine, Wyoming, Nebraska, Rhode Island, South Carolina, Washington, D.C., were the states that had the highest Thursday rates. The averages for the states were between 7.11% and 7.14%.
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.
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 factors such as your credit score and income.
National Mortgage Rate Averages
The 30-year mortgage rates have risen 36 basis points during the first three of this week. They then remained steady at 7.06%. Rates were last this high in mid-January when they read 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 interest rates dropped to a two year low of 5.89%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| Fixed Rate 30-Year Agreement | 7.06% |
| FHA 30-Year fixed | 7.04% |
| Fixed-Term 15-Year Agreement | 6.20% |
| Jumbo 30-Year Fixed | 7.05% |
| 5/6 ARM | 7.21% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Interest Rates – Today, April 11, 2025
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What causes mortgage rates rise or fall?
Mortgage rates are determined through a complex interplay of macroeconomic factors and industry factors such as:
- The direction and level of the bond markets, particularly 10-year Treasury yields
- 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 forces kept the mortgage market at a relatively low level for most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying program is a major influence on 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.
Fed aggressively increased the federal funds rate between July 2023 and then to combat the inflationary levels that have been in place 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 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. Eight rate-setting meetings are scheduled each year, so we could see several rate-hold announcements by 2025.
How We Track Mortgage Interest 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 data and original reporting are some of the sources. 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.
