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New York, California and Florida were the states with the lowest 30-year mortgage rates on Wednesday. The eight states had averages ranging between 6.95% to 7.19%.
Hawaii, West Virginia (including Alaska), South Dakota, Washington D.C. Kansas Missouri and Wyoming were the states with the highest rates of refinance on Wednesday. The 30-year average refi rates for these states ranged from 7.27% to 7.34 %.
Mortgage refinance rates differ by the state they originate in. Different lenders are active in different regions. Rates may be affected by state-level variations of credit score, average loan amount, 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.
You can also read about the importance of this in
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 Average Rates
The average rate for 30-year mortgage refinances dropped 3 basis points on Wednesday. This was after a four day climb that saw the rates rise. Earlier this month, 30-year refi rates surged a dramatic 40 basis points in a week and hit an April 11 reading of 7.31%—their highest level 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 |
| 30-Year Fixed | 7.22% |
| FHA 30-Year fixed | 6.62% |
| Fixed-Term 15-Year Agreement | 6.07% |
| Jumbo 30-Year Fixed | 7.30% |
| 5/6 ARM | 7.60% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 24, 2020
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What causes mortgage rates to rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- 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 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 reducing its bond purchases, resulting in monthly reductions of significant amounts, until they reach zero in March 2022.
Fed aggressively increased the federal funds rate between July 2023 and then to fight the inflation which has been high since the 1970s. The fed funds can indirectly influence mortgage rates but not 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 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. 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 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 asks writers to use primary resources to support their writing. 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.
