Today’s Refinance Rates by State – Apr. 30, 2025

New York, California, Tennessee, Florida, New Jersey, Texas, and Massachusetts were the states with the lowest mortgage refinance rate for 30 years on Tuesday. The seven states had averages ranging between 6.84% to 6.99%.

West Virginia, Alaska and Delaware had the highest refinance rate on Tuesday. Other states with high rates included Nevada, North Dakota (North Dakota), Oregon, South Dakota (South Dakota), Nebraska, Nevada and Vermont. The 30-year average refi rates for these states ranged from 7.09% to 7.16 percent.

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 use different risk management techniques that affect the rates they charge.

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 Average Rates

Rates on 30-year refinances mortgages dropped 24 basis points in the previous four days. However, they have now risen 3 points to reach a new average national of 7.04%. 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.

The average 30-year refinance rate fell to 6.71% last month, its lowest level since 2025. In September, rates fell to a 2-year low of 6.01%.

Compare Current Mortgage Interest Rates Today – April 30, 2025

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

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 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 kept mortgage rates low for most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. 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.

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. 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 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 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 resulting rates 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 asks writers to use primary resources to support their writing. 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. Learn more about our standards for producing accurate and unbiased content by visiting our 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.