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California, Florida Connecticut Minnesota Texas Washington Colorado Oregon and Oregon had the lowest rates for 30-year mortgage refinance on Friday. The eight states recorded averages between 6.69 and 6.89%.
The states with the highest refinance rates on Friday were West Virginia, Rhode Island, Kansas, Missouri, Wyoming, Montana, New Hampshire, North Dakota, Washington, D.C. The range of 30-year averages for these state was 7.00% – 7.03%.
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.
No matter what type of mortgage you are looking for, it is wise to shop around and compare rates frequently, as rates vary widely between lenders.
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
Rates on 30-year refinance loans fell to a two week low of 6.94%. However, that’s still a quarter of a percentage point higher than the recent four-month-low of 6.71%.
Today's rates are also 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 | Average Refinance Interest Rate |
| 30-Year Fixed | 6.94% |
| FHA 30-Year fixed | 6.91% |
| Fixed-Term 15-Year Agreement | 5.80% |
| Jumbo 30-Year Fixed | 6.86% |
| 5/6 ARM | 7.28% |
| Zillow Mortgage API provides access to the Zillow Mortgage API | |
Compare Current Mortgage Interest Rates Today – March 31, 2025
Calculate monthly payment for different loan scenarios using our Mortgage Calculator.
What causes mortgage rates 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 compete with each other for different 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 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 strategy is a major factor in determining mortgage rates.
Starting in November 2021 the Fed will begin reducing its bond purchases, making monthly reductions of a significant amount until reaching net zero by March 2022.
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. 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. In 2025, we may see several rate freezes 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. 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. We also use original research from other reputable publications when appropriate. Our website contains more information about the standards that we use to produce accurate, unbiased content. 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.
