Ivanko_Brnjakovic / Getty Images
California, New York State, Pennsylvania, Hawaii Florida Texas Washington Arizona New Jersey were the states that had the lowest 30-year new mortgage rates on Monday. The nine states recorded averages between 6,94% and 7,05%.
Alaska, West Virginia, Montana, North Dakota, Rhode Island, Maine, New Hampshire, Washington, D.C., are the states that have the highest Monday rates. The averages for the states were between 7.14% and 7.20%.
Mortgage rates differ by state. Different lenders operate in various regions. Rates can be affected by variations in state-level regulations, credit scores, and average loan sizes. 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.
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 you receive will depend on your credit score, your income, and other factors. It may differ from the averages shown here.
National Mortgage Rate Averages
Rates on 30-year purchase mortgages dropped 7 basis point to average 7.07%. But that follows a surge of 44 points over the previous five days that took the national average to 7.14%—its most expensive level since May 2024.
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 Rate 30-Year Agreement | 7.07% |
| FHA 30-Year Fixed | 7.04% |
| Fixed-Term 15-Year Agreement | 6.19% |
| Jumbo 30-Year Fixed | 7.13% |
| 5/6 ARM | 7.26% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 15, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates to 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 buying and funding of government-backed loans
- Competition between mortgage lenders across loan types
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 influencer on mortgage rates.
Starting in November 2021 the Fed will begin reducing 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 combat the inflationary levels that have been in place for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. 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. But in September the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by quarter-point reductions of the rate 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 that result 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. These include whitepapers, government data and original reporting as well as interviews with industry experts. We also use original research from other reputable publications when appropriate. 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.
