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New York, California Florida New Jersey Pennsylvania Tennessee were the states with the lowest 30-year new mortgage rates on Thursday. The six states had averages between 6.78 and 6.77%.
Alaska, Washington D.C. (D.C.), Maryland, North Dakota Wyoming, Montana South Dakota Vermont and West Virginia were the states with the highest rates on Thursday. The averages for each state ranged between 6.91% and 6.93%.
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 loans, 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.
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 on 30-year new purchase mortgages inched higher Thursday to average 6.85%—a new six-week high. Three weeks ago the 30-year average was at 6.50% – its lowest level since 2025.
In September, the 30-year rate plunged to 5.89% – a 2-year low. In January, they soared as high at 7.13% before recently easing down.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | New Purchase |
| 30-Year Fixed | 6.85% |
| FHA 30-Year fixed | 7.35% |
| Fixed-Term 15-Year Agreement | 5.95% |
| Jumbo 30-Year Fixed | 6.81% |
| 5/6 ARM | 7.19% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – March 28, 2025
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What causes mortgage rates to rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- 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 remained the main reason for the relatively low mortgage market in 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. While the fed fund rate can affect mortgage rates, it does not do so directly. In fact, mortgage rates and the fed funds interest rate can move in opposite ways.
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. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled each year.
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 they receive quotes from lenders, based on the qualifications of the borrower. These rates can 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. 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. 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.
