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New York, California Florida North Carolina Oregon Texas Georgia and Georgia had the lowest rates for 30-year mortgages refinance on Tuesday. The seven states had averages ranging between 6.62% to 6.89%.
Alaska, Hawaii, Maryland, Washington, D.C., Kansas, New Jersey, West Virginia, Missouri, Oklahoma, were the states with the most favorable Tuesday refinance rate. The 30-year average refi rates for these states ranged from 6.99% to 7.03 %.
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.
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, your income, and other factors. It may differ from the averages shown here.
National Mortgage Refinance Averages
Rates on 30-year refinance loans fell to a low of 6.93% on Tuesday, a three-week-low. However, this is still 22 basis points higher than the low point in 2025 of 6.71%.
Today's rates are also elevated compared to September, when the 30-year refi average plunged to a two-year low of 6.01%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Average Refinance Rate |
| Fixed 30-Year Rate | 6.93% |
| FHA 30-Year Fixed | 6.74% |
| Fixed 15-Year Rate | 5.82% |
| Jumbo 30-Year Fixed | 6.93% |
| 5/6 ARM | 7.40% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – April 2, 2020
Calculate monthly payments using our Mortgage Calculator.
What causes mortgage rates to 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 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 most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. 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 rate does not directly affect mortgage rates. In fact, mortgage rates and the fed funds interest rate can move in opposite ways.
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 each 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. Zillow’s Terms of Service apply.
Article Sources Investopedia asks writers to use primary resources to support their writing. 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, 19 March 2025,” Page 4.
