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New York, Pennsylvania California, Tennessee Hawaii and Louisiana had the lowest 30-year mortgage rates on Monday. The six states recorded averages between 6,74 % and 6,80 %.
Alaska, Maryland, North Dakota, Washington, D.C., Arizona, New Mexico, and Washington, D.C., were the states with the highest rates on Monday. The range of averages in these states was from 6.90% up to 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.
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 factors such as your credit score and income.
National Mortgage Rate Averages
The 30-year mortgage rates have risen 8 basis points to 6.84%, the national average. The 30-year average rate had dropped to 6.50% in recent weeks, its lowest level since 2025.
In September, the 30-year rate plunged to 5.89% – a 2-year low. They then surged to 7.13% in early January, before recently easing back down.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| Fixed 30-Year Rate | 6.84% |
| FHA 30-Year Fixed | 7.35% |
| Fixed-Term 15-Year Agreement | 5.98% |
| Jumbo 30-Year Fixed | 6.85% |
| 5/6 ARM | 7.07% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – March 25, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates rise or fall?
Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:
- 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 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 bought billions of dollars’ worth of bonds to respond to the economic pressures caused by the pandemic. This bond-buying strategy is a major factor in determining 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.
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 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, 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 receiving quotes from lending institutions based on qualifications. They may differ from advertised teaser rate. © Zillow, Inc., 2025. Zillow’s Terms of Service apply.
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Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections for March 19, 2025,” page 4.
