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California, Florida, New York State, Texas, North Carolina, Washington state, Maryland and Tennessee had the lowest 30-year mortgage rates on Friday. The nine states recorded averages ranging between 7.14% to 7.27%.
West Virginia, South Dakota and Alaska had the highest refinance rates on Friday. They were followed by a large group of states, including New Jersey and Wisconsin. The 30-year average refi rates for the lowest-rate state ranged from 7.36% to 740%.
Mortgage refinance rates differ by the state they originate in. Different lenders are active in different regions. Rates may be affected by variations at the state level in credit scores, average loan sizes, 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 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 rate has risen 40 basis points in the last five days to a national average of 7.31%. Refi rate are now at the highest level since July.
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%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Refinance Average Rate |
| Fixed Rate 30-Year Agreement | 7.31% |
| FHA 30-Year fixed | 6.62% |
| Fixed 15-Year Rate | 6.21% |
| Jumbo 30-Year Fixed | 7.31% |
| 5/6 ARM | 6.68% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 14, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
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 factors kept mortgage rates 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 reducing its bond purchases, resulting in monthly reductions of significant amounts, until they reach zero in 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 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, starting 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 several rate freezes announced. There are eight rate-setting sessions scheduled per 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. 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. 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 for March 19, 2025,” page 4.
