Current Refinance Interest Rates by State - April 29, 2025
The Lowest 30-Year Mortgage Refinance Rates on Mondays? You'll Find Them in California, New York, Florida, and More!
On any given Monday, the states boasting the cheapest 30-year mortgage refinance rates usually include California, New York, Florida, Texas, Connecticut, Washington, Tennessee, Colorado, and Illinois. These states have been keeping averages between 6.81% and 6.98%.
At the opposite end of the spectrum, the states with the priciest refinance rates are Alaska, West Virginia, Hawaii, Missouri, South Dakota, Montana, North Dakota, and Wyoming. Refinance rates for these states range from 7.09% to 7.13%.
The prices of mortgage refinance rates can vary greatly depending on the area they originate from. Each lender operates in different regions, and rates can become influenced by state-level differences in credit scores, loan sizes, and regulations. Furthermore, lenders may adopt diverse risk management tactics that shape the rates they offer.
When trying to find the best mortgage refinance deal for yourself, it's essential to do your homework and compare rates regularly, regardless of the type of home loan you're after.
Crucial Details to Know
Remember that the rates we provide may not match the teaser rates you see online because those are carefully selected to appear the best, often based on features such as advanced payments or high credit scores. The actual rate you lock in will depend on factors like your credit score, income, and so on, so it's bound to differ from the averages mentioned here.
National Average Rates for 30-Year Refinance Mortgages
Over the past four days, 30-year refinance rates have dropped by 24 basis points, with the national average now resting at 7.01%. Last month, these rates reached a low of 6.71%, which was the cheapest they've been in 2025. Going way back to September, rates tumbled to a two-year low of 6.01%.
Got Curious? Compare Today's Mortgage Rates - April 29, 2025!
Use our Mortgage Calculator to compare different loan scenarios and estimate your monthly payments, considering factors such as home price, down payment, loan term, property taxes, homeowners insurance, and the loan interest rate.
Why Do Rates Rise and Fall?
Mortgage rates are determined by a mix of macroeconomic factors, industry trends, and lender competition. To get a sense of what influences these rates, consider the following key factors:
- Bond Market: The direction and level of the bond market, notably the 10-year Treasury, significantly impact mortgage rates.
- Federal Reserve Policies: The Fed's monetary policy choices, including raising or lowering interest rates, affect all interest rates, including mortgage rates.
- Competition Among Lenders: Rates are influenced by competition between mortgage lenders and across loan types.
As various factors can cause fluctuations simultaneously, it's often difficult to pinpoint a single cause for changes in rates.
The mortgage market was relatively low for most of 2021 due to favorable macroeconomic factors. The Federal Reserve was buying billions in bonds in response to the pandemic's economic pressures, which acted as a primary influencer of mortgage rates during that time.
However, starting in November 2021, the Fed began reducing monthly bond purchases. Rates increased as a result of this tapering, culminating in more significant increases when the Fed began aggressively raising the federal funds rate in December 2022 to combat rampant inflation. Despite slowing the pace of rate increases, the Fed maintained the federal funds rate at a high level for almost 14 months from July 2023.
In September 2024, however, the Fed announced a rate cut of 0.50 percentage points. Further reductions of 0.25 percentage points each occurred in November and December. For the first meeting of the new year, the Fed opted to hold rates steady.
Keep in mind that the national and state averages we cite are based on an LTV ratio of 80% and an applicant credit score range of 680-739. These rates give a rough idea of what borrowers can expect when requesting quotes from lenders.
References:
[1] - https://www.myfico.com/credit-education/credit-scores/scores-explained[2] - https://www.investopedia.com/terms/d/dti-debt-to-income.asp[3] - https://www.investopedia.com/terms/i/inflation.asp[4] - https://www.investopedia.com/terms/b/bondyield.asp[5] - https://www.consumerfinance.gov/about-us/blog/housing-market-influences-mortgage-rates/
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- The mortgage refinance rates offered by lenders can be shaped by diverse factors such as state-level differences in credit scores, loan sizes, and regulations, which are part of the personal-finance realm.
- While California, New York, Florida, and other states typically have lower refinance rates, states like Missouri, Alaska, West Virginia, and Hawaii tend to have pricier rates due to varying factors that influence the mortgage market.
- In the ever-evolving mortgage market, it's essential to compare and analyze rates, even when using an API (Application Programming Interface), to secure the best mortgage refinance deal for personal-finance purposes.
- Factors like the bond market, Federal Reserve policies, and competition among lenders play a crucial role in determining mortgage rates, as shown in the dynamics of the mortgage market in 2021 and beyond.
- The national average for 30-year refinance rates can fluctuate significantly, as the industry responds to changes in macroeconomic factors, industry trends, and lender competition, making it essential to stay informed about these factors in personal-finance planning.
