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Today’s Mortgage Refinance Rates by State – Nov. 12, 2024
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Editor’s note: In observance of Veterans Day, Investopedia did not publish its daily mortgage rate news on Monday, Nov. 11. Therefore, we report today the average exchange rate for Friday.
The states with the lowest 30-year mortgage refinance rates on Friday were New York, California, Florida, Connecticut, Louisiana, Mississippi, Washington and Delaware. The 30-year refinance average for these eight states ranges from 6.67% to 6.89%.
Meanwhile, the states with the highest refinancing rates on Friday were Illinois, Indiana, Nevada, Georgia, Massachusetts, Hawaii and Maryland. The 30-year refinance averages in these states range from 7.04% to 7.07%.
Mortgage refinance rates vary by state. Different lenders operate in different regions, and rates may be affected by differences in state credit scores, average loan sizes, and regulations. Lenders also have different risk management strategies that affect the interest rates they offer.
Since interest rates vary widely from lender to lender, it’s always wise to shop around Your best mortgage options No matter what type of home loan you’re seeking, compare interest rates regularly.
important
The rates we publish are not directly compared to the preview rates you see online, as these are the rates that are most attractive compared to the average rates you see here. The teaser rate may involve paying points upfront, or it may be based on a hypothetical borrower with a super-high credit score or a lower amount than a typical loan. The interest rate you end up getting will depend on your credit score, income, and more, so it may differ from the averages you see here.
National Mortgage Refinance Rate Averages
The national average is 30-Year Mortgage Refinance After falling 12 basis points on Thursday, they fell another 3 basis points on Friday, with the average rate falling to 6.96%. That’s still nearly a percentage point higher than in mid-September, when average rates fell to a 19-month low of 6.01%. But 30-year refinance rates are down from around 7% when this summer started in July.
| National averages for lenders’ best mortgage rates | |
|---|---|
| Loan type | average refinance rate |
| 30-year fixed rate | 6.96% |
| FHA 30 Year Fixed Rate | 6.29% |
| 15-year fixed interest rate | 5.84% |
| Jumbo 30 year fixed term | 6.93% |
| 5/6 arm | 7.63% |
| Available via Zillow Mortgage API | |
Calculate monthly repayments for different loan options using our Mortgage Calculator.
What causes mortgage rates to rise or fall?
Mortgage rates are determined by a complex interplay of macroeconomic and industry factors, such as:
Since any number of factors can cause fluctuations at the same time, it is often difficult to attribute any change to any one factor.
Macroeconomic factors have kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve has been buying billions of dollars in bonds to respond to the economic pressure caused by the epidemic. this bond buying policy Is the main influence on mortgage interest rates.
However, starting in November 2021, the Fed began to gradually reduce the scale of bond purchases, significantly reducing the scale of bond purchases every month until reaching net zero purchases in March 2022.
Between then and July 2023, the Fed significantly raised interest rates federal funds rate Fighting decades of high inflation. While the federal funds rate can affect mortgage rates, it does not do so directly. In fact, the federal funds rate and mortgage rates can move in opposite directions.
But given the historical pace and magnitude of the Fed’s rate hikes in 2022 and 2023 (raising the benchmark rate by 5.25 percentage points in 16 months), even the indirect impact of the federal funds rate has contributed to the rise in mortgage rates over the past two years. A sharp upward move affects the year.
Starting in July 2023, the Federal Reserve kept the federal funds rate at its highest level for nearly 14 months. But at its most recent meeting, the Fed Announced first interest rate cut A series of declines are expected in 2024 and 2025. The first decrease was 0.50 percentage points.
On November 7, the Federal Reserve Announcing further interest rate cuts 0.25 percentage points, bringing the federal funds rate to 4.5% to 4.75%. After this rate cut, the federal funds rate fell to its lowest level since March 2023.
The Federal Reserve will make its next interest rate announcement on December 18.
How we track mortgage rates
The national and state averages above are provided via the Zillow Mortgage API, assuming Loan to Value (LTV) Ratio 80% (i.e. at least 20% down payment) and the applicant’s credit score is in the range of 680-739. The resulting interest rate represents the rate a borrower should expect when receiving an offer from a lender based on his or her qualifications, which may differ from the advertised teaser rate. © Zillow, Inc., 2024. Use subject to Zillow Terms of Use.
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