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California, New York (with the lowest rates), Florida, Connecticut, Oregon and Texas were the states that had the lowest mortgage refinance rates on Wednesday. Washington, Colorado, Washington State, Washington State, Washington state, and Colorado also ranked amongst those with lower rates. The eight states had averages ranging between 6.61% to 6.90%.
Alaska, West Virginia (Kentucky), Rhode Island, South Dakota and South Dakota had the highest Wednesday refinance rate, followed by an enormous tie between Ohio and Oklahoma. The range of 30-year average refi rates in these states was 6.98% – 7.00%.
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.
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 that you will receive is based on factors such as your credit score and income.
National Mortgage Refinance Averages
Rates for 30-year refinance mortgages dipped Wednesday to a three-week low of 6.92%—though that’s still about two-tenths of a percentage point above 2025’s cheapest reading 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 Interest Rate |
| Fixed Rate 30-Year Agreement | 6.92% |
| FHA 30-Year Fixed | 6.73% |
| Fixed-Term 15-Year Agreement | 5.82% |
| Jumbo 30-Year Fixed | 6.79% |
| 5/6 ARM | 7.25% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – April 3, 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 level and direction in the bond market, particularly the 10-year Treasury yields
- The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and funding of government-backed loans
- Competition between mortgage lenders across 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 influence 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. While the fed fund rate can affect mortgage rates, it does not do so 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, starting in July of 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. 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 teaser rate advertisements. © Zillow, Inc., 2025. Zillow’s Terms of Service 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.
