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New York, California and Colorado were the states with the lowest 30-year mortgage rates on Friday. The nine states recorded averages between 6.90% to 6.70%.
Alaska, Maryland, West Virginia, South Dakota, Wyoming, Nebraska, New Mexico, Washington, D.C., and Washington, D.C., were the states with the most expensive Friday rates. The averages of these states ranged between 6.97% and 7.02%.
Mortgage rates vary depending on the state they originate from. 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.
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 that you will receive is based on your credit rating, income and more. Therefore, it may differ from what you see in the averages.
National Mortgage Rate Averages
The 30-year mortgage rates have dropped 15 basis points in the last three days. They now average 6.92%, reversing an earlier 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 | 6.92% |
| FHA 30-Year Fixed | 7.37% |
| Fixed 15-Year Rate | 6.00% |
| Jumbo 30-Year Fixed | 6.91% |
| 5/6 ARM | 7.40% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 28, 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, particularly 10-year Treasury rates
- 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 influence 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.
The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. The Fed Funds Rate and mortgage rates can even move in opposite directions.
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. 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 resulting rates 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 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. 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.
