Today’s Refinance Rates by State – Apr. 10, 2025

California, Florida New York Georgia Texas North Carolina Virginia Washington were the eight states that had the lowest mortgage refinance rate for 30 years on Wednesday. The eight states recorded averages between 7.10% and 7.22%.

West Virginia, South Dakota and Alaska had the highest refinance rates on Wednesday. They were followed by a large group of states, including Ohio and New Jersey. The 30-year average refi rates for the lowest-rate state ranged from 7.31% to 7.36%.

Mortgage refinance rate varies by state. Different lenders are active in different regions. Rates may be affected by state-level variations of credit scores, average loan sizes, 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.

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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 rate Averages

Over the past three days, rates for 30-year mortgage refinances have risen by 33 basis points to a national average of 7.26%. This is almost a three-month-high, just below mid-January’s reading of 7.30%.

Last month, the 30-year refi rate averaged 6.71%. This was their lowest level since 2025. In September, 30-year refi rates dropped to a two year low of 6.01%.

Compare Current Mortgage Rates – April 10, 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 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 compete with each other for different loan types.

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. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying strategy is a major factor in determining mortgage rates.

Starting in November 2021 the Fed will begin reducing its bond purchases, making monthly reductions of a significant amount until reaching net zero by March 2022.

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 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 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. 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 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.

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

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