2025 Mortgage Refinance Rates by State – Updated Sept 19 with Latest Prices

California, Louisiana, and Utah lead with the lowest 30-year mortgage refinance rates in 2024

As of September 19, 2024, California, Louisiana, Utah, Alaska, Hawaii, and Idaho offer the most competitive 30-year mortgage refinance rates, ranging from 5.81% to 6.14%. These states provide some of the best opportunities for homeowners looking to refinance their mortgages this year.

Conversely, states like South Carolina, Texas, Kentucky, Arizona, Michigan, North Carolina, and Washington, D.C. report the highest refinance averages, with rates between 6.45% and 6.60%.

Mortgage refinance rates fluctuate depending on the state due to regional lender presence, local credit score trends, average loan sizes, and state-specific regulations. Additionally, lenders’ risk assessment strategies influence the rates they offer, making it essential to compare options.

Given the variability in rates across lenders and regions, it's crucial to shop around and regularly compare mortgage refinance offers to secure the best deal tailored to your financial profile and loan type.

Important Notice

The refinance rates presented here reflect average market conditions and may differ from promotional teaser rates advertised online. Such teaser rates often require upfront points, assume exceptional creditworthiness, or apply to smaller loan amounts. Your actual rate will depend on personal factors including credit score, income, and loan size, so expect some variation from these averages.

National 30-Year Mortgage Refinance Rate Average – Sept 2024

The nationwide average for 30-year mortgage refinancing climbed by 28 basis points on September 19, 2024, reaching 6.31%. This follows a low of 6.01% recorded earlier this week – the most affordable rate in over a year and a half. Despite recent increases, current rates remain below the mid-7% levels seen at the start of summer 2024.

Use our Mortgage Calculator to estimate monthly payments for various loan scenarios and find the refinance option that fits your budget.

Factors Influencing Mortgage Rate Changes in 2024

Mortgage rates are shaped by a complex mix of economic and industry elements, including:

• Movements in the bond market, particularly 10-year Treasury yields
• The Federal Reserve’s monetary policies, including bond purchases and interest rate adjustments
• Competitive dynamics among mortgage lenders and loan products

Because multiple factors often interact simultaneously, pinpointing a single cause for rate changes can be challenging.

In 2024, the Federal Reserve’s historic interest rate hikes and recent rate cuts are key influences. After maintaining peak rates for over a year, the Fed initiated a 0.50 percentage point cut this September, signaling potential further reductions through 2025.

These policy moves directly and indirectly impact mortgage rates, which can fluctuate in response to economic conditions and market expectations.

The next Federal Reserve meeting is scheduled for November 7, 2024, where further guidance on interest rates is expected.

How We Source and Present Refinance Rates

The refinance rates shown are sourced via the Zillow Mortgage API, based on an 80% loan-to-value ratio (20% down payment) and a credit score range of 680 to 739. These averages reflect realistic borrower quotes rather than promotional rates, providing a reliable benchmark for comparison. © Zillow, Inc., 2024. All use subject to Zillow Terms of Use.

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