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California, New York and Florida had the lowest 30-year mortgage rates on Monday. Other states that were close behind included Arkansas, Louisiana, Mississippi Washington, North Carolina and Texas. The nine states recorded averages between 6.87 % and 6.90 %.
Hawaii, Massachusetts, Oklahoma, Washington, D.C., West Virginia, Kansas, Missouri, Michigan, are the states that have the highest refinance rates on Monday. The range of 30-year averages for this group of states was from 7.00% up to 7.08%.
Mortgage refinance rate varies 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 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 you receive will depend on your credit score, your income, and other factors. It may differ from the averages shown here.
National Mortgage Refinance Average Rates
Rates on 30-year refinance loans were at a two week low of 6.94% Monday, but that’s still nearly a quarter of a percentage point higher than the recent four-month-low of 6.71%.
Today's rates are also elevated compared to September, when the 30-year refi average plunged to a two-year low of 6.01%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Refinance Rate Average |
| Fixed Rate 30-Year Agreement | 6.94% |
| FHA 30-Year Fixed | 6.84% |
| Fixed-Term 15-Year Agreement | 5.80% |
| Jumbo 30-Year Fixed | 6.99% |
| 5/6 ARM | 7.42% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Interest Rates Today – April 1, 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 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 markets relatively low throughout 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.
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. 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 maintained its federal funds rate near its highest level for almost 14-months, beginning in July of 2023. In September, however, the central bank announced its first rate cut, which was 0.50 percentage points. This was 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. 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 rates that result 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. 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.
