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New York, California North Carolina Florida Tennessee Colorado Oregon Washington and Washington had the lowest rates for 30-year mortgage refinance Wednesday. The eight states recorded averages between 6,70% and 6,91%.
Alaska, Hawaii, Missouri, West Virginia, Kansas, New Hampshire, Oklahoma, Washington, D.C., and Washington, D.C., were the states with the highest refinance rates on Wednesday. The range of 30-year averages for this group of states was from 7.01% – 7.04%.
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.
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 that you will receive is based on your credit rating, income and other factors.
National Mortgage Refinance rate Averages
On Wednesday, the average rate for 30-year refinance loans dropped to 6.95%. It’s still 24 percentage points higher than the four-month low rate 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 Average Rate |
| 30-Year Fixed | 6.95% |
| FHA 30-Year Fixed | 7.37% |
| Fixed-Term 15-Year Agreement | 5.89% |
| Jumbo 30-Year Fixed | 6.96% |
| 5/6 ARM | 6.99% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – March 20, 2020
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates rise or fall?
Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.
- The level and direction in the bond market, notably 10-year Treasury rates
- 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 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.
Starting in November 2021 the Fed will begin reducing its bond purchases, resulting in monthly reductions of significant amounts, until they reach zero in March 2022.
Fed aggressively increased the federal funds rate between July 2023 and then to combat the inflationary levels that have been in place 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. 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 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 asks writers to use primary resources to support their writing. 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. 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 March 19, 2025,” page 4.
