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New York, California Florida New Jersey Texas Washington, Colorado Georgia Massachusetts North Carolina and Texas were the states that had the lowest 30-year new mortgage rates on Thursday. The average rates in the ten states ranged between 6.80% and 6.73%.
The states with the highest rates on Thursday were West Virginia (WV), Washington, D.C. (Washington, DC), Alaska, Maryland, Mississippi North Dakota, South Carolina and Wyoming. The range for these states’ averages was 7.01% – 7.05%.
Mortgage rates differ by state. Different lenders operate in various regions. Rates can be affected by variations in state-level regulations, credit scores, average loan sizes, and other factors. 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 you receive will depend on your credit score, income and other factors. It may differ from the averages shown here.
National Mortgage Rate Averages
The 30-year new purchase mortgage rates dropped 20 basis point over the first 3 days of this past week. They then remained at 6.95%, averaging a little more than flat on Thursday. That follows a surge of 44 points last week that shot the average up 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 interest rates dropped to a two year low of 5.89%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| 30-Year Fixed | 6.95% |
| FHA 30-Year fixed | 7.37% |
| Fixed-Term 15-Year Agreement | 6.07% |
| Jumbo 30-Year Fixed | 7.01% |
| 5/6 ARM | 7.22% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – April 18, 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 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 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 forces kept the mortgage market at a relatively low level for much of 2021. The Federal Reserve, in particular, had bought billions of dollar bonds as a response to the economic pressures brought on 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 combat the inflationary levels that have been in place for decades. The fed funds rate does not directly affect mortgage rates. In fact, mortgage rates and the fed funds interest rate can move in opposite ways.
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. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled each 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. Zillow’s Terms of Service apply.
Article Sources Investopedia requires that writers use primary sources in order to support their work. 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 for March 19, 2025,” page 4.
