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New York, California and Florida were the states with the lowest 30-year mortgage rates on Tuesday. The nine states had averages between 7.01% to 7.21%.
West Virginia, Hawaii and Alaska had the highest Tuesday refinance rate, followed by South Carolina, South Dakota Washington D.C., Kansas and Wyoming. The range of 30-year averages for this group of states was from 7.29% up to 7.36%.
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.
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 Average Rates
Rates for 30-year mortgage refinances dropped by 22 basis point last week. However, they have added back 16 basis point over the past four day to reach an average 7.25%. During the prior week, 30-year refi rates surged a dramatic 40 basis points to an April 11 reading of 7.31%—the highest level for 30-year refi rates since July 2024.
Last month, however, the average 30-year refinance rate fell to 6.71% – its lowest level since 2025. In September, 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 | 7.25% |
| FHA 30-Year fixed | 6.62% |
| Fixed 15-Year Rate | 6.13% |
| Jumbo 30-Year Fixed | 7.34% |
| 5/6 ARM | 7.55% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – April 23, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates to 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 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 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.
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. 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, 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. Eight rate-setting meetings are scheduled each year, so we could see several rate-hold announcements by 2025.
How We Track Mortgage Interest 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. 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. We also use original research from other reputable publications when appropriate. 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.
