Today’s Mortgage Rates by State – Mar. 21, 2025

New York, California and Washington were the states with the lowest 30-year mortgage rates on Thursday. The seven states had averages ranging between 6.66% to 6.73%.

Alaska, Iowa Washington D.C., Maryland North Dakota, Vermont and West Virginia had the highest Thursday rates. The range of averages in these states was from 6.85% up to 6.90%.

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 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.

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 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 5 basis points to a national median of 6.77%. Nearly two week ago, the 30-year rate average had dropped to 6.50%. It was at its lowest level in 2025.

In September, the 30-year rate plunged to a low of 5.89%. This was a two year low. In January, they soared up to 7.13% before recently easing down.

Compare Current Mortgage Interest Rates Today – March 21, 2025

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What causes mortgage rates rise or fall?

Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.

• 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
• 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 have kept the mortgage market low for most 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 program is a major influencer on 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.

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. 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, 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 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. Zillow’s Terms of Service 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

1. Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.

2. Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.