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New York, Florida Colorado, Georgia North Carolina, New Jersey and Tennessee had the lowest 30-year mortgage rates on Friday. The seven states recorded averages between 7.12% and 7.03%.
Alaska, Washington D.C. North Dakota, West Virginia Rhode Island, South Dakota and Wyoming were the states that had the highest rates on Friday. The averages for the states were between 7.19% and 7.25%.
Mortgage rates differ by state. Different lenders are active in different regions. Rates may be influenced state-level variations of credit score, average loan amount, and regulations. 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 factors such as your credit score and income.
National Mortgage Rate Averages
The average rate for 30-year mortgages has risen by 44 basis points in the last five business days to 7.14%. Last time rates were at this level was in May 2024.
Last month, rates for 30-year mortgages fell to 6.50% – their lowest average since 2025. 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 | 7.14% |
FHA 30-Year Fixed | 7.04% |
Fixed-Term 15-Year Agreement | 6.31% |
Jumbo 30-Year Fixed | 7.15% |
5/6 ARM | 7.22% |
Zillow Mortgage API provides access to the Zillow Mortgage API |
Compare Current Mortgage Rates – April 14, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates rise or fall?
Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:
- 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 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 program is a major influence on mortgage rates.
Starting in November 2021 the Fed will begin reducing its bond purchases, resulting in monthly reductions of significant amounts, until they reach zero in 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 kept the federal funds rate at a peak level for nearly 14 months, starting in July 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 reduction 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 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 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. These include whitepapers, government data and original reporting as well as interviews with industry experts. Where appropriate, we also reference original research by other reputable publishers. 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.