:max_bytes(150000):strip_icc()/4-LaylaBird-a701d6ccaaf048839a983da3459a3cab.jpg?w=1920&resize=1920,1267&ssl=1 "Today’s Refinance Rates by State – Apr. 18, 2025")
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States with the cheapest 30-year mortgage refinance rates on Thursday were California, New York, Tennessi, Florida, Texas, Northern Carolina, Georgia and New Jersey. Eight states recorded average between 6.98% and 7.10%.
Meanwhile, states with the highest Thursday refinance were Alaska, Montana, South Dakota, West Virginia, Vyoming, Road Island, Washington, DC, Hawaii and North Dakota. The 30-year Refi average range for these states was 7.20% to 7.22%.
The mortgage refinance rate varies by the state where they arise. Various lenders work in different fields, and rates can be affected by state-level diversity in credit scores, average debt size and rules. Lenders have separate risk management strategies that affect the rates given by them.
Since rates differ widely in lenders, it is always smart to shop for your best mortgage option and compare the rates regularly, no matter what kind of home loan you look for.
Important
The rates we publish will not compare directly with teaser rates that you are watching online because the rates are cherry-picked, which is the most attractive versus as the average average you see. Teaser rates may include payment marks in advance or with an ultra-high credit score or a fictional borrower for a small-specific loan. The rate you eventually secure will be based on factors such as your credit score, income and more, so it may vary from the average you see.
National mortgage refinance rate average
The rates for the 30-year-year refinance mortgage dropped 22 basis points in the first three days of this week, but then 7.14% ticking 5 basis points for Thursday average. Last week, the flagship refee increased average 40 basis points, with 7.31% reading on Friday with the highest level for 30-year Rafi rates since July 2024.
Last month, contrast, 30-year-year refinance average drowned 6.71%, its cheapest level of 2025. And back in September, the rates fell by two years to 6.01%.
| National average of the best mortgage rates of lenders | |
|---|---|
| Debt type | Refinance rate average |
| 30-year fixed | 7.14% |
| FHA 30-year fixed | 6.62% |
| 15-year fixed | 6.01% |
| Jumbo 30-year fixed | 7.11% |
| 5/6 hands | 7.27% |
| Granted through zillo mortgage API | |
Calculate monthly payments for various loan scenarios with our mortgage calculator.
What is the reason for increasing or falling mortgage rates?
Horticulture rates are determined by a complex interaction of comprehensive economic and industry factors, such as:
- Bond market level and direction, especially 10-year-old treasury yields
- The current monetary policy of the Federal Reserve, especially it is related to the purchase and funding supported by the government.
- Competition between mortgage lenders and debt types
Because any of these numbers can cause ups and downs together, usually it is difficult to characterize any change for any one factor.
Macroeconomic factors kept the hostage market relatively low for most time of 2021. In particular, the Federal Reserve was buying billions of dollars bonds in response to the economic pressures of the epidemic. This bond purchasing policy is a major impressive of mortgage rates.
But starting from November 2021, Fed began to tap his bond purchases downwards, causing a massive monthly cuts until Net Zero reached Net Zero in March 2022.
At that time and between July 2023, Fed aggressively increased the federal amount of money to fight high inflation for decades. While the Fed Fund rates can affect the mortgage rates, it does not do so directly. In fact, Fed Fund rates and mortgage rates can proceed in opposite directions.
But in view of the historical speed and magnitude of the fed 2022 and 2023, the benchmark rate in 16 months has increased by 5.25 percent points – even the indirect impact of the Fed Fund rate has resulted in a dramatic impact on the mortgage rates in the last two years.
Fed maintained the rate of Federal Funds at its peak for about 14 months starting in July 2023. But in September, the Central Bank announced the first rate cut of 0.50 percentage points, and then followed it with a quarter-point cut on November and December.
For its first meeting of the New Year, however, Fed opted to keep the rates stable – and it is possible that the central bank may not cut another rate for months. With a total of eight rate-setting meetings per year, it means that we can see many rate-by-prostitution in 2025.
How do we track mortgage rates
The above cited national and state average has been provided as has been done through Zillow Mortgage API, which consider an applicant credit score loan-from (LTV) ratio in 80% (ie, at least 20% down payment) and 680-739 range. The resulting rates indicate what borrowers should expect when receiving quotes from lenders based on their ability, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use zillow is subject to terms of use.
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