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California, New York State, Washington, North Carolina Florida Connecticut Maine and Oregon were the states that had the lowest rates for 30-year mortgage refinance on Wednesday. The eight states had 30-year refi rates ranging between 6.68% to 6.77%.
Hawaii, Oklahoma, Alaska, Kansas, Washington, D.C., West Virginia, Kentucky, Missouri, South Dakota, and Washington, D.C., were the states with highest Wednesday refinance rate. The 30-year refi rate averages for this group of states ranged between 6.86% and 6.92%.
Mortgage refinance rate varies by state. 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, your income, and other factors. It may differ from the averages shown here.
National Mortgage Refinance rate Averages
The 30-year refinance average moved up to a new national average of 6.81% on Wednesday. This is still close to the four month low of 6.71% that was recorded early last week. The rates are still higher than September, when the 30-year refi rate plunged to a 2-year low of just 6.01%.
| National Averages of Lenders' Best Mortgage Rates | |
|---|---|
| Loan Type | Average Refinance Rate |
| 30-Year Fixed | 6.81% |
| FHA 30-Year Fixed | 6.83% |
| Fixed 15-Year Rate | 5.71% |
| Jumbo 30-Year Fixed | 6.77% |
| 5/6 ARM | 7.31% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – March 13, 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 level and direction in the bond market, particularly the 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. The Federal Reserve, in particular, had bought billions of dollar bonds as a response to the economic pressures brought on 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, reducing them by a significant amount each month until they reach zero in 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 rate does not directly affect mortgage rates. 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, 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. 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 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. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate and unbiased content by visiting our Editorial policy
Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.
Federal Reserve Board. “Summary Economic Projections for December 18, 2024,” page 4.
