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California, Colorado North Carolina New Jersey Louisiana Mississippi Rhode Island were the states with the lowest 30-year refinance rates on Friday. The seven states had averages between 6.85% to 6.94%.
Missouri, Hawaii, Massachusetts, Kansas, Washington, D.C., Ohio, Oklahoma, West Virginia, and Washington, D.C., were the states that had the highest rates for refinancing on Friday. The 30-year average refi rates for these states ranged from 7.03% to 7.07 percent.
Mortgage refinance rates differ by the state they originate in. Different lenders are active in different regions. Rates may be affected by variations at the state level in credit scores, average loan size and regulations. 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.
It is important to note that
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 rate Averages
The national average of 30-year refinance loans rose by 4 basis points to 6.98% on Friday. The previous week, the average 30-year refinance mortgage rate was at a four-month high of 6.71%.
Today's rates are 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 | Refinance Rate Average |
| 30-Year Fixed | 6.98% |
| FHA 30-Year Fixed | 7.27% |
| Fixed 15-Year Rate | 5.85% |
| Jumbo 30-Year Fixed | 6.88% |
| 5/6 ARM | 7.43% |
| Zillow Mortgage API is available. | |
Compare Current Mortgage Rates – March 17, 2020
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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.
- 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, in particular, had bought billions of dollar bonds as a response to the economic pressures brought on 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.
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. 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, 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. 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 resulting rates are what borrowers will receive when receiving quotes from lending institutions based on qualifications. They may differ from advertised teaser rate. © 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. White papers, government statistics, original reporting and interviews with industry professionals are all examples. 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, Dec 18, 2024,” Page 4
