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New York, California Pennsylvania Washington Florida Texas Virginia and Virginia had the lowest 30-year new mortgage rates on Monday. The seven states recorded averages between 6,84% and 7,01%.
Alaska, West Virginia Kentucky, Maryland, Nevada Iowa, Indiana Nebraska and Vermont were the states that had the highest Monday rates. The averages for the states were between 7.07% and 7.14%.
Mortgage rates vary depending on the state they originate from. Different lenders are active in different regions. Rates may be affected by 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 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 fell 20 basis point last week. They have since recovered 7 basis point to reach an average of 7.03%. That all follows a dramatic surge the previous week, when a gain of 44 basis points 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 |
| Fixed 30-Year Rate | 7.03% |
| FHA 30-Year Fixed | 7.37% |
| Fixed-Term 15-Year Agreement | 6.16% |
| Jumbo 30-Year Fixed | 7.04% |
| 5/6 ARM | 7.23% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Interest Rates Today – April 22, 2025
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What causes mortgage rates to 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 purchases and funding 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 forces kept the mortgage market at a relatively low level 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 strategy is a major factor in determining 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.
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. 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, 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. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled each year.
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 requires that writers use primary sources in order to support their work. White papers, government statistics, original reporting and interviews with industry professionals are all examples. 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.
