Current Mortgage Interest Rates Across States - 4th June, 2025
Chatty Guide to Mortgage Rates
Hey there! Let's talk all things mortgages. Today, we're diving into the states offering the cheapest and most expensive 30-year new purchase mortgage rates.
On the affordable side, you've got New York, Washington, California, Florida, Massachusetts, Colorado, Georgia, and Texas. These states are keeping it light on the wallet, with averages ranging from 6.75% to 6.93%.
On the other hand, Alaska, West Virginia, Mississippi, Kansas, Rhode Island, Maine, South Dakota, and Vermont are sporting the pricier rates. Their averages are a bit higher, at 7.03% to 7.19%.
Mortgage rates can change from state to state due to various factors. Credit scores, average loan sizes, and local regulations all play a part. Plus, different lenders operate in different regions, so rates can vary between them. That's why shopping around for the best mortgage deal is always a good idea.
Now, the rates we're sharing here might not align with the teaser rates you see online. Those rates are often cherry-picked and may require paying points upfront or cater to borrowers with ultra-high credit scores or smaller-than-usual loans. The rate you actually get will depend on factors like your credit score, income, and more.
As of today, the average for 30-year new purchase mortgages has dropped five of the last seven market days, setting the current average at a relatively affordable 6.97%. However, rates can change quickly, so it's essential to stay informed. Use our Mortgage Calculator to compare and calculate mortgage options for your unique situation.
Now, you might be wondering what causes these rate fluctuations. It's a mix of macroeconomic factors, industry trends, and Federal Reserve policies. Key factors include the level of bond market activity (especially 10-year Treasury yields), competition between lenders, and the Fed's current monetary policy.
For example, in 2021, the Fed was buying billions of dollars of bonds in response to the pandemic's economic pressures, helping keep rates relatively low. But starting in 2022, the Fed began tapering its bond purchases, which led to a significant increase in mortgage rates.
Remember, these rates are provided by the Zillow Mortgage API, assuming a loan-to-value ratio of 80% and an applicant credit score in the 680-739 range. These rates reflect what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates.
So, there you have it! Armed with this information, you're well on your way to making informed mortgage decisions. Happy house hunting! 🏡😊
- In the realm of personal-finance and investing, it's worth considering the impact of mortgage regulations on your financial future when purchasing real-estate, as they can significantly influence mortgage rates, as exemplified by the difference between states like New York and Alaska.
- As you delve into Initial Coin Offerings (ICO), it's crucial to remember that similar to mortgage rates, the value of each token can vary greatly due to various factors such as regulations, credit scores of investors, and competition within the market.
- In the realm of real-estate and finance, the fluctuation of mortgage rates can be influenced not only by local regulations but also by macroeconomic factors like the interest rates for 10-year Treasury bonds and Federal Reserve policies, much like how the value of a token can be affected by the overall market environment and legal frameworks in tokenized finance.
