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California, New York and Texas had the lowest rates for 30-year mortgage refinancing on Monday. Florida, Utah, Alabama and Georgia were also in the top five. The seven states had averages between 6.98% to 7.20%.
Alaska, West Virginia and South Dakota had the highest rates for Monday refinances, followed by Montana, Washington D.C. and Wyoming. The 30-year average refi rates for these states ranged from 7.29% to 7.35 percent.
Mortgage refinance rates differ by the state they originate in. Different lenders are active in different regions. Rates may be influenced state-by-state by differences in credit scores, average loan sizes, 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.
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 Refinance rate Averages
Rates for 30-year refinance mortgages dropped 8 basis points Monday to a 7.23% national average—reversing course after surging 40 basis points over the previous week. Friday’s reading of 7.31% was the highest 30-year refi average since July 2024.
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 30-Year Rate | 7.23% |
| FHA 30-Year Fixed | 6.62% |
| Fixed-Term 15-Year Agreement | 6.10% |
| Jumbo 30-Year Fixed | 7.19% |
| 5/6 ARM | 6.76% |
| Zillow Mortgage API is available. | |
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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 direction and level of the bond markets, particularly 10-year Treasury yields
- 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 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 program is a major influence on 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.
The Fed raised the federal fund rate aggressively between then and July 2023 to combat inflation that has been high for decades. 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 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 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 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. The Zillow Terms and Conditions of Use apply.
Article Sources Investopedia requires that writers use primary sources in order to support their work. 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 for March 19, 2025,” page 4.
