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California, New York State, Washington, Florida Georgia, Oregon Wisconsin, and Washington had the lowest rates for 30-year mortgage refinance on Monday. The seven states had averages ranging between 6.72% to 6.92%.
West Virginia, Alaska, Kansas, Missouri, Oklahoma, South Carolina, South Dakota, Virginia, Washington, D.C., and Washington, D.C., were the states with highest Monday refinance rate. The 30-year average refi rates for these states ranged from 7.02% to 7.04 percent.
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.
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, your income, and other factors. It may differ from the averages shown here.
National Mortgage Refinance rate Averages
On Monday, the average rate for 30-year refinance loans remained at 6.96%. It’s still 25 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 |
| Fixed Rate 30-Year Agreement | 6.96% |
| FHA 30-Year fixed | 6.86% |
| Fixed-Term 15-Year Agreement | 5.90% |
| Jumbo 30-Year Fixed | 6.92% |
| 5/6 ARM | 6.86% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Rates – March 25, 2020
Calculate monthly payments 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 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.
- 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 factors remained the main reason for the relatively low mortgage market in 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying strategy is a major factor in determining 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 can indirectly influence mortgage rates but not directly. The Fed Funds Rate and mortgage rates can even move in opposite directions.
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 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 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, 19 March 2025,” Page 4.
