Today’s Refinance Rates by State – Apr. 28, 2025

New York, California Florida Colorado Texas Minnesota North Carolina New Jersey Tennessee were the states with the lowest 30-year mortgage refinance rate on Friday. The nine states recorded averages between 6,81% and 7,01%.

West Virginia, Alaska and Hawaii, Missouri, Nebraska Massachusetts, and Nevada were the states that had the highest rates of refinance on Friday. The range of 30-year averages for the states in question was from 7.11% – 7.16%.

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 that you will receive is based on a variety of factors, including your credit score and income.

National Mortgage Refinance rate Averages

The 30-year refinance rates have dropped 20 basis points in the last three days. This is a dramatic change of direction after four days of rising rates. The national average has dropped to 7.05%. 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 the average 30-year refinance rate dropped 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 28, 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 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 factors remained the main reason for the relatively low mortgage market in 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.

Starting in November 2021 the Fed will begin to reduce its bond purchases, making monthly reductions of a significant amount until reaching net zero by March 2022.

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 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 maintained its federal funds rate near its highest level for almost 14-months, beginning in July of 2023. But in September 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 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. 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

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

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