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Today’s Refinance Rates by State – Dec. 24, 2024
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Editor’s note: In observance of Christmas, Investopedia will not publish its daily mortgage rate news on Wednesday, December 25. We will resume daily rates coverage on Thursday, December 26th.
The states with the lowest 30-year mortgage refinance rates on Monday were New York, California, Florida, Louisiana, Alabama, Colorado, Arkansas, Delaware, Minnesota and New Jersey. The 30-year refinance average for these ten states ranges from 6.86% to 7.08%.
Meanwhile, the states with the highest refinancing rates on Monday were Hawaii, Kentucky, Massachusetts, Indiana, Washington, D.C., Arizona, Alaska, Illinois and Nevada. The 30-year refinance averages in these states range from 7.16% to 7.20%.
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 rising 2 basis points on Monday, the average rate rose to 7.12% – near a one-month high. The current average is down nearly 1.1 percentage points from mid-September, when levels fell to 6.01%, the lowest level in 19 months.
| National averages for lenders’ best mortgage rates | |
|---|---|
| Loan type | average refinance rate |
| 30-year fixed rate | 7.12% |
| FHA 30 Year Fixed Rate | 6.29% |
| 15-year fixed interest rate | 6.01% |
| Jumbo 30 year fixed term | 6.93% |
| 5/6 arm | 6.89% |
| 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 these 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 raised interest rates significantly 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 will maintain the federal funds rate at its highest level for nearly 14 months. But on September 18, the Fed Announced first interest rate cut 0.50 percentage points, followed by an additional 25 percentage points on November 7 and November 7 December 18.
However, the Fed’s policy committee warned at last week’s meeting that further rate cuts would likely be fewer and further apart due to stubborn inflation. Reduced expectations for a rate cut in 2025 pushed up the 10-year Treasury yield, which in turn triggered a rise in mortgage rates.
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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