Current Refinance Mortgage Rates Across States - 1st May, 2025
Cheapest and Most Expensive 30-year Mortgage Refinance Rates
Heads up, folks! At the moment, the top states offering the cheapest 30-year refinance rates are New York, California, Texas, Florida, Michigan, and Ohio. Rates in these states range between 6.81% and 7.04%. On the flip side, West Virginia, Alaska, South Dakota, Maryland, Kentucky, Montana, North Dakota, Rhode Island, Washington D.C., and Wyoming are holding the highest refinance rates. Here, the range is 7.10% to 7.19%.
Interested in shopping around for the best mortgage deals? Keep in mind that rates vary among lenders, and it pays to compare. Don't rest on your laurels; regularly check rates regardless of the type of home loan you're eying.
Important
Beware of misleading teaser rates plastered online. These rates are carefully selected to attract attention, often requiring points to be paid upfront or catering to individuals with high credit scores or smaller-than-typical loans. Base your rate on factors like your credit score, income, and more, as it can differ from the averages shown.
National 30-year Refinance Rate Averages
We've seen a 24 basis point drop in 30-year refinance rates over four days, but they've nudged back up a bit recently. Currently, the national rate average stands at 7.05%. Earlier in April, rates peaked at 7.31%, their highest since July 2024.
Last month, however, the average dropped to 6.71%, marking an all-time low in 2025. In September, rates hit a two-year low of 6.01%.
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Your monthly mortgage payment depends on various factors like the home price, downpayment, loan term, property taxes, homeowner's insurance, and more importantly, the interest rate on the loan. This interest rate is highly dependent on your credit score. Adjust the inputs below to get a rough idea of your monthly payment.
🔎 Why Do Rates Vary?
Mortgage rates hinge on a complex mix of macroeconomic and industry factors, including:
- The bond market: Especially the 10-year Treasury yields.
- Federal Reserve's monetary policy: Particularly regarding bond buying and funding government-backed mortgages.
- Competition among mortgage lenders and loan types.
As these elements move simultaneously, it's tricky to pinpoint the influence of any one factor.
Macroeconomic factors kept the mortgage market relatively low for most of 2021. The Federal Reserve was buying billions in bonds to counter the pandemic's economic impact. This bond-buying policy significantly impacts mortgage rates.
However, starting in November 2021, the Fed began tapering its bond purchases, causing periodic increases in rates. Between November 2021 and July 2023, the Fed aggressively raised key interest rates to combat high inflation. Even though the federal funds rate doesn't directly impact mortgage rates, its indirect influence resulted in substantial increases over the past two years.
The Fed maintained high interest rates for almost 14 months before lowering them in September 2022. Since then, it's made multiple reductions, potentially hinting at more rate cuts in the future.
💡How We Track Rates
The national and state averages cited above are provided via the Zillow Mortgage API. They consider an LTV ratio of 80% and an applicant credit score between 680 and 739. These rates reflect what borrowers can generally expect upon receiving quotes from lenders, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
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- The average 30-year refinance rate in Maryland is currently at 7.05%, which is higher than the national average.
- In personal-finance, it's essential to be aware that NFTs and ICOs, such as token sales, can sometimes be risky and unregulated, similar to the rapidly fluctuating mortgage rates.
- The Federal Reserve's decision to raise key interest rates to combat high inflation has had a significant impact on mortgage rates over the past two years, causing them to increase substantially.
- When refinancing a mortgage, it's crucial to compare rates from different lenders because they can vary significantly.
- Factors like credit score, income, and property-related expenses, such as property taxes and homeowner's insurance, play a significant role in determining your monthly mortgage payment.
