The states with the cheapest 30-year mortgage refinance rates Wednesday were New York, Florida, California, Colorado, Washington, Connecticut, Minnesota, and New Jersey. The eight states registered 30-year refi averages between 6.78% and 7.06%.
Meanwhile, the states with the highest Wednesday refinance rates were Kentucky, Georgia, Alaska, Hawaii, Arizona, South Dakota, and Washington, D.C. The range of 30-year refi averages for these was 7.13% to 7.19%.
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Mortgage refinance rates vary by the state where they originate. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. Lenders also have varying risk management strategies that influence the rates they offer.
Since rates vary widely across lenders, it’s always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you seek.
Important
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 ultimately secure will be based on factors like your credit score, income, and more, so it can vary from the averages you see here.
National Mortgage Refinance Rate Averages
The national average for 30-year refinance mortgages climbed 6 basis points Wednesday to 7.08%—its highest level since January. Last week, the average had dipped below 7% for the first time this year.
Today’s average sits about a percentage point higher than in September, when 30-year refi rates plunged to a two-year low of 6.01%.
National Averages of Lenders’ Best Mortgage Rates
Loan Type
Refinance Rate Average
30-Year Fixed
7.08%
FHA 30-Year Fixed
7.13%
15-Year Fixed
6.02%
Jumbo 30-Year Fixed
7.00%
5/6 ARM
7.26%
Provided via the Zillow Mortgage API
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Compare Current Mortgage Rates Today – Feb. 13, 2025
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What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as:
The level and direction of the bond market, especially 10-year Treasury yields
The Federal Reserve’s current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
Competition between mortgage lenders and 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 kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic’s