Your Guide to Current Mortgage Rates: Where to Find the Best Deals
Finding the right mortgage rates can feel like navigating a maze, especially with so much variability across the U.S. Here’s a breakdown of the latest average rates and what you need to consider when shopping for a mortgage.
The Cheapest Mortgage Rates
As of Thursday, the states boasting the most affordable 30-year new purchase mortgage rates include:
- New York
- California
- Massachusetts
- South Carolina
- Florida
- New Jersey
- New Hampshire
- South Dakota
- Washington
These states are offering average rates ranging from 6.75% to 6.91%, making them attractive options for homebuyers looking to secure a long-term loan.
The Most Expensive Options
On the flip side, some states are proving to be less friendly to your wallet when it comes to mortgage rates. The states with the highest averages include:
- Alaska
- West Virginia
- Iowa
- Kansas
- Mississippi
- North Dakota
- Maine
- Oklahoma
- Vermont
- Wyoming
Here, rates top out between 6.98% and 7.10%. If you’re planning to purchase a home in these areas, prepare for steeper costs.
Why Such Variation?
Mortgage rates can greatly differ depending on several factors:
- Location: Different lenders and their risk strategies play huge roles.
- State Regulations: Variations in laws and average loan sizes impact rates from state to state.
- Borrower Profile: Factors like credit scores and income can shape your specific rate.
It’s essential to understand that advertised “teaser rates” often don’t reflect the real rates you may qualify for. These promotional rates usually require good credit and may also involve additional fees.
What’s Happening Nationally?
The national average for a 30-year fixed mortgage is currently at 6.93%, a small uptick from previous weeks but still lower than last year’s peak of 7.15%. For context, rates were as low as 5.89% just last September.
Other Loan Types’ Average Rates:
- FHA 30-Year Fixed: 7.37%
- 15-Year Fixed: 5.96%
- Jumbo 30-Year Fixed: 6.94%
- 5/6 ARM: 7.29%
What Influences Mortgage Rates?
Mortgage rates don’t exist in a vacuum; they’re influenced by broader economic conditions, such as:
- Bond Market Trends: The yields on 10-year Treasury bonds often drive mortgage rate fluctuations.
- Federal Reserve Policy: Changes in the federal funds rate can indirectly affect mortgage rates. For instance, following aggressive rate hikes in 2022 and 2023, home loan costs have risen.
Although the Fed has announced recent rate cuts, the overall outlook for new cuts in the coming months remains uncertain.
Shop Around
Every homebuyer’s situation is unique, so it’s crucial to shop around and compare offers from different lenders. Even slight differences in mortgage rates can lead to significant savings (or costs) over a 30-year loan.
Use online tools, like mortgage calculators, to see how different rates can impact your monthly payments.
Final Thoughts
With mortgage rates continuing to change, staying informed is your best bet for securing a favorable rate. Whether you’re a first-time homebuyer or looking to refinance, understanding the landscape can help you make a more savvy financial decision.
Explore your options and don’t hesitate to reach out to lenders to find the best mortgage fit for your circumstances!

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Bio: Priya specializes in making complex financial and tech topics easy to digest, with experience in fintech and consumer reviews.