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New York, California, Florida, Colorado, Texas, Tennessee, Washington, Pennsylvania, and Georgia had the cheapest rates for 30-year mortgage refinance on Thursday. The nine states recorded averages between 7.01% – 7.21%.
West Virginia, Maine and North Dakota had the highest rates for Thursday refinances, followed by Alaska, New Mexico South Dakota Montana and Vermont. The lowest-rate states had 30-year refi rates ranging from 7.30% – 7.35%.
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.
It’s important to compare rates and shop around for the best mortgage, regardless of what type you want.
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, income and other factors. It may differ from the averages shown here.
National Mortgage Refinance rate Averages
The 30-year refinance mortgage rates soared 33 basis point over the first 3 days of this week. But they fell 2 basis point on Thursday. The national average of 7.24% remains near its three-month high.
Last month, however, 30-year refi interest rates fell to 6.71% – their lowest average since 2025. In September, 30-year refi rates dropped to a two year low of 6.01%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Average Refinance Rate |
| Fixed 30-Year Rate | 7.24% |
| FHA 30-Year fixed | 6.62% |
| Fixed 15-Year Rate | 6.11% |
| Jumbo 30-Year Fixed | 7.19% |
| 5/6 ARM | 6.73% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates – Today, April 11, 2025
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What causes mortgage rates rise or fall?
Mortgage rates are determined through a complex interplay of macroeconomic factors and industry factors such as:
- The level and direction in the bond market, particularly the 10-year Treasury yields
- The Federal Reserve’s current policy on monetary policy. This includes bond purchases and government-backed mortgages.
- 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 forces kept the mortgage market at a relatively low level for much 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 reducing 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 fight the inflation which has been high since the 1970s. 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 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 reduction 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 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 asks writers to use primary resources to support their writing. White papers, government statistics, original reporting and interviews with industry professionals are all examples. Where appropriate, we also reference original research by other reputable publishers. 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.
