Today’s Refinance Rates by State – Apr. 25, 2025

New York, California, Florida, New Jersey, Texas, Connecticut, Tennessee, and Washington had the lowest rates for 30-year mortgage refinance on Thursday. The nine states recorded averages between 6.92% – 7.08%.

Alaska, Kansas, Missouri West Virginia, New Hampshire and South Dakota had the highest refinance rate on Thursday. The 30-year refi rates in these states ranged between 7.23% and 7.25%.

Mortgage refinance rates differ by the state they originate in. Different lenders operate in various regions. Rates can be affected by variations in state-level regulations, credit scores, and average loan sizes. Lenders have different risk management strategies which influence the rates that they offer.

It’s important to compare rates and shop around for the best mortgage, regardless of what type you want.

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, income and other factors. It may differ from the averages shown here.

National Mortgage Refinance Averages

The 30-year refinance rates have dropped 11 basis points in the last two days. This is a change of direction after four days of climbing. The national average rate is now at 7.14%. 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%.

Compare Current Mortgage Rates – April 25, 2020

Calculate monthly payment for different loan scenarios using our Mortgage Calculator.

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 monetary policies, particularly as they relate to bond purchases and funding government-backed loans
• 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 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.

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. 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 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. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.

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 receiving quotes from lending institutions based on qualifications. They may differ from advertised teaser rate. © Zillow, Inc., 2025. Zillow’s Terms of Service 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

1. Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.

2. Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.