New York, Tennessee, California, Kentucky, North Carolina, Pennsylvania, and South Carolina had the lowest 30-year new mortgage rates on a Friday. The seven states recorded averages ranging between 6.64% to 6.72%.
Alaska, Nevada, North Dakota, Washington, D.C., Iowa, Montana, New Hampshire, Rhode Island, Vermont, West Virginia, and Washington, D.C., were the states with the highest rates on Friday. The range for these averages was 6.83% – 6.88%.
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 use different risk management techniques that affect the rates they charge.
It’s important to compare rates and shop around for the best mortgage, regardless of what type you want.
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
The 30-year mortgage rates for new purchases dropped by 1 basis point on Friday, to a national average of 6.76%. The 30-year average rate had dropped to 6.50% in recent weeks, its lowest level since 2025.
In September, 30-year rates fell to a two-year-low of 5.89%. They then soared to 7.13% in early January, before easing back down.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| Fixed Rate 30-Year Agreement | 6.76% |
| FHA 30-Year Fixed | 7.35% |
| Fixed-Term 15-Year Agreement | 5.90% |
| Jumbo 30-Year Fixed | 6.77% |
| 5/6 ARM | 7.27% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Interest Rates – Today, March 24, 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 direction and level of the bond markets, particularly 10-year Treasury yields
- The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and funding of 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 forces kept the mortgage market at a relatively low level for most 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.
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. While the fed fund rate can affect mortgage rates, it does not do so 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 maintained its federal funds rate near its highest level for almost 14-months, starting in July of 2023. But in September the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by quarter-point reductions of the rate 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 per 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. 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
Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.
