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New York, California and Pennsylvania had the lowest 30-year mortgage rates on Wednesday. Other states that were close behind included Massachusetts, Michigan, North Carolina Ohio, Texas and Washington. The ten states recorded averages between 6.92% to 7.01%.
Alaska, West Virginia Utah, Kentucky and Nevada had the highest rates on Wednesday, followed by an impressive tie between Colorado and Indiana. The average rates for the lowest-rate state ranged from 7.07% to 7.13 %.
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 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 that you will receive is based on a variety of factors, including your credit score and income.
National Mortgage Rate Averages
The average rate on 30-year mortgages for new purchases fell by 4 basis points to 7.03% Wednesday, ending a four-day rise. Earlier this month, rates surged 44 basis points in a week, shooting the average up to 7.14%—its most expensive level since 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 | 7.03% |
| FHA 30-Year Fixed | 7.37% |
| Fixed 15-Year Rate | 6.13% |
| Jumbo 30-Year Fixed | 7.09% |
| 5/6 ARM | 7.46% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – April 24, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
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 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 compete with each other for different 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 much 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 influencer on mortgage rates.
Starting in November 2021 the Fed will begin to reduce its bond purchases, reducing them by a significant amount each month until they reach zero in 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 can indirectly influence mortgage rates but not directly. 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 maintained its federal funds rate near its highest level for almost 14-months, starting in July of 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 per 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 resulting rates are what borrowers will receive when receiving quotes from lending institutions based on qualifications. They may differ from advertised teaser rate. © 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, 19 March 2025,” Page 4.
