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California, Florida New York, Texas Colorado Connecticut Tennessee and Washington were the states with the lowest 30-year mortgage rates on Wednesday. The eight states recorded averages between 6,89% and 7,066%.
Alaska, West Virginia and South Dakota were the states that had the highest Wednesday refinance rate. North Dakota, Missouri and Wyoming also ranked high. The 30-year refi rate averages for this group of states ranged between 7.17% and 7.21%.
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.
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 that you will receive is based on a variety of factors, including your credit score and income.
National Mortgage Refinance rate Averages
Rates for 30-year refinance mortgages have dropped 22 basis points over the last three days to a 7.09% national average—reversing course after surging 40 basis points last week. The 30-year refi rate average of 7.31% on Friday was the highest since July 2024.
Last month, the 30-year refi rate averaged 6.71%. This was their lowest level since 2025. In September, 30-year rates fell to a 2-year low of 6.01%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Average Refinance Rate |
| 30-Year Fixed | 7.09% |
| FHA 30-Year fixed | 6.62% |
| Fixed-Term 15-Year Agreement | 5.98% |
| Jumbo 30-Year Fixed | 7.16% |
| 5/6 ARM | 7.15% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 17, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates to rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- The level and direction in the bond market, particularly 10-year Treasury rates
- The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and 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 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 program is a major influencer on 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 can indirectly influence mortgage rates but not directly. The Fed Funds Rate and mortgage rates can even move in opposite directions.
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 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. The Zillow Terms and Conditions of Use 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.
