Discover Today’s Mortgage Rate Trends Across U.S. States – April 15, 2025

Currently, California, New York, and Pennsylvania offer some of the most competitive 30-year mortgage rates in the nation.

On Monday, the states boasting the most affordable 30-year mortgage rates for new home purchases included California, New York, Pennsylvania, Hawaii, Florida, Texas, Washington, Arizona, and New Jersey. These states reported average rates ranging from 6.94% to 7.05%.

Conversely, the highest rates were observed in Alaska, West Virginia, Montana, North Dakota, Rhode Island, Maine, New Hampshire, and Washington, D.C., with averages between 7.14% and 7.20%.

Mortgage rates differ significantly depending on the state due to variations in lender presence, credit profiles, average loan amounts, and local regulations. Each lender’s unique risk management approach also plays a role in determining the rates they offer.

Because rates vary widely among lenders, it’s crucial to shop around and compare offers regularly, regardless of the type of mortgage you’re pursuing.

Key Insight

The mortgage rates presented here reflect average values and may not match teaser rates advertised online. Those teaser rates often highlight the most attractive offers and may require upfront points or assume an ideal borrower profile with a high credit score or smaller loan size. Your actual rate will depend on your creditworthiness, income, and other personal factors, which can cause variation from these averages.

National Mortgage Rate Overview

As of Monday, 30-year fixed mortgage rates for new purchases dropped by 7 basis points to an average of 7.07%. This slight decrease follows a recent surge of 44 basis points over the prior five days, which pushed the national average to 7.14%, marking the highest point since May 2024.

In contrast, last month saw rates fall to 6.50%, the lowest average in 2025 so far. Back in September, rates reached a two-year low of 5.89%.

Use our Mortgage Calculator to estimate monthly payments for various loan scenarios and make informed decisions.

What Drives Mortgage Rate Fluctuations?

Mortgage rates are influenced by a complex blend of macroeconomic and industry-specific factors, including:

• Movements in the bond market, particularly 10-year Treasury yields
• The Federal Reserve’s monetary policies, especially regarding bond purchases and government-backed mortgage funding
• Competition among mortgage lenders and across different loan products

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

Throughout much of 2021, macroeconomic conditions kept mortgage rates relatively low, largely due to the Federal Reserve’s extensive bond-buying programs responding to pandemic-related economic challenges. This bond purchasing significantly impacts mortgage rates.

Starting in November 2021, the Fed gradually tapered these bond purchases, ceasing by March 2022. From then until July 2023, the Fed aggressively raised the federal funds rate to combat high inflation. Although the fed funds rate does not directly set mortgage rates and can move independently, the historic pace and scale of rate hikes—totaling 5.25 percentage points over 16 months—have indirectly pushed mortgage rates higher.

The Fed held the federal funds rate steady for nearly 14 months starting July 2023 but began cutting rates by 0.50 percentage points in September, followed by smaller reductions in November and December.

In its first meeting of 2025, the Fed opted to maintain current rates, with the possibility of no further cuts for several months. With eight rate-setting meetings annually, multiple announcements of steady rates may occur throughout the year.

How We Monitor Mortgage Rates

The national and state mortgage rate averages presented here are sourced from the Zillow Mortgage API, based on an 80% loan-to-value ratio (20% down payment) and borrower credit scores between 680 and 739. These averages reflect realistic borrower quotes rather than promotional teaser rates. © Zillow, Inc., 2025. Use subject to Zillow Terms of Use.

Discover the latest news and current events in Personal Finance News as of 12-02-2025. The article titled " Discover Today’s Mortgage Rate Trends Across U.S. States – April 15, 2025 " provides you with the most relevant and reliable information in the Personal Finance News field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.

The information in " Discover Today’s Mortgage Rate Trends Across U.S. States – April 15, 2025 " helps you make better-informed decisions within the Personal Finance News category. Our news articles are continuously updated and adhere to journalistic standards.