Current Refinance Rates Across States - April 24, 2025
Let's Talk Refinances: State-by-State Breakdown of Mortgage Rates
You know the drill, folks! Different states, different buckets of mortgage refi rates. Here's a quick rundown of this week's situation:
Low-Cost Refi States
Kick back and relax if you're residing in New York, California, Florida, North Carolina, Texas, Illinois, Tennessee, or Georgia. These states are reeling in the lowest 30-year mortgage refinance rates, with averages ranging between 6.95% and 7.19%.
On the flip side, it's a struggle for homeowners in Hawaii, West Virginia, Alaska, South Dakota, Washington, D.C., Kansas, Missouri, and Wyoming. These states are dealing with the highest refinance rates, with 30-year refi averages ranging from 7.27% to 7.34%.
Why the Variance?
There's a myriad of reasons behind these differences. It all boils down to geographical variations in credit scores, typical loan sizes, and local regulations. Oh, and let's not forget the risk management strategies each lender employs.
Shopping Around
When it comes to mortgage refis, don't be a couch potato. Shopping around for your best mortgage option never goes out of style, no matter the type of home loan you're after. Remember, practically every lender has a unique offer in every corner of the USA. So, compare, compare, compare!
Don't Trust the Shiny Ads
Ads promoting extraordinarily low refinance rates? Yeah, those are teaser rates. The fine print usually involves hidden fees or qualifications like sky-high credit scores or teeny-tiny loans. Your actual rate will be based on factors like your credit score, income, and so on, which can distinguish you from the hypothetical borrower featured in those ads.
National Average
So, what's the national average for 30-year fixed-rate refinance loans, you ask? At the time of this writing, it's hovering around 7.22%.
Want a more accurate reflection of what you might be looking at? Use our Mortgage Calculator to crunch some numbers! Enter your home price, down payment, loan term, property taxes, homeowners insurance, and desired interest rate, and we'll give you a realistic monthly payment estimate. After all, knowledge is power, and in this case, it could put some money back in your pocket.
What Influences Mortgage Rates?
Mortgage rates are a complex dance between macroeconomic factors, key industry players, and the Federal Reserve's monetary policies. If you're curious to know more about these factors and how they impact mortgage rates, give this section a read.
Stay tuned for updates as the mortgage market twists and turns. Happy refinancing, and may the best rates be with you!
Update
Based on recent reports, the national average for a 30-year fixed-rate refinance loan has inched up slightly to around 6.948%. As for a 15-year fixed-rate mortgage, the average hovers around 6.270%. Keep checking back for the latest mortgage refinance rate trends!
Sources
- Zillow Mortgage Rates - April 24, 2025
- 🇺🇸 Top 10 States with the Cheapest Mortgage Refinance Rates (April 2025)
- Mortgage Rates: December 2024
- Current Mortgage Rates Today - April 24, 2025
- Today's Mortgage Rates - April 18, 2025
- Remember that Missouri, like many other states, has unique factors influencing its mortgage refinance rates, including local regulations and credit scores.
- While the national average for 30-year fixed-rate refinance loans is currently around 7.22%, it's essential to consider personal-finance factors like credit score, income, and loan size when determining your real-estate investment's refinance rate.
- As an investor, it is crucial to factor in API data and updates from industry leaders and regulators when making decisions about investing in ICO tokens or real-estate projects across various states.
- Missouri homeowners looking to refinance their mortgages should not solely rely on slick advertisements promising extraordinarily low rates; hidden fees or qualifications could significantly impact the actual refinance rate.
- To stay informed about the constantly changing mortgage market and refinance rate trends, it's beneficial to visit reputable sources like Zillow Mortgage Rates, Forbes Advisor, Bankrate, or Real Estate Talk for updated information.
- In a world where personal finance, real-estate, and investing overlap, diligent research, comparison-shopping, and understanding the effects of macroeconomic factors on mortgage rates can lead to well-informed decisions and lower refinance costs.
