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Florida, Utah New Jersey New York Texas California New Mexico Ohio were the states with the lowest 30-year mortgage rates on Tuesday. The eight states recorded averages between 6.77 and 6.81%.
Alaska, Maryland, Delaware, Vermont, Iowa, Maine, Montana, Washington, D.C., are the states that have the highest Tuesday rates. The averages for the states were 6.89% – 6.93%.
Mortgage rates vary depending on the state they originate from. 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.
It is important to note that
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 factors such as your credit score and income.
National Mortgage Rate Averages
Rates for 30-year new purchase mortgages dropped by one basis point on Tuesday to a national rate of 6.83%. Nearly two week ago, the 30-year mortgage average had fallen to 6.50%. It was at its lowest level in 2025.
In September, 30-year rates fell to a two-year-low of 5.89%. In January, they soared up to 7.13% before easing down recently.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| Fixed Rate 30-Year Agreement | 6.84% |
| FHA 30-Year fixed | 7.36% |
| Fixed 15-Year Rate | 6.01% |
| Jumbo 30-Year Fixed | 6.91% |
| 5/6 ARM | 7.26% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – March 19, 2020
Calculate monthly payments 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 in which the bond market is moving, especially with regard to 10-year Treasury rates
- The Federal Reserve’s current policy on monetary policy. This includes bond purchases and government-backed mortgages.
- 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 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 to reduce 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. The fed funds rate does not directly affect mortgage rates. 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. In September, however, the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by a quarter-point cut 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 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 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 for December 18, 2024,” page 4.
