Today''s Mortgage Rates by State - July 24, 2025


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Check our interactive map to find today''s 30-year mortgage rate average for any U.S. state. Right now, the cheapest states are New York, Washington, and New Jersey.
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Today's Mortgage Rates by State: July 24, 2025
Mortgage rates across the United States continue to fluctuate amid evolving economic conditions, with borrowers closely monitoring trends to secure the best possible deals on home loans. As of July 24, 2025, the landscape of mortgage rates varies significantly by state, influenced by local housing markets, economic indicators, and broader national factors such as inflation, employment data, and Federal Reserve policies. This comprehensive overview delves into the current average rates for popular mortgage products, including 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, 5/1 adjustable-rate mortgages (ARMs), and jumbo loans. We'll explore state-specific variations, highlight the states offering the most competitive rates, and discuss key considerations for prospective homebuyers and refinancers.
National Overview of Mortgage Rates
Nationally, mortgage rates have shown a slight uptick compared to earlier in the year, reflecting ongoing concerns about persistent inflation and the Federal Reserve's cautious approach to interest rate cuts. The average 30-year fixed-rate mortgage stands at 6.85%, up from 6.75% just a month ago. This rate remains attractive for long-term stability seekers, offering predictable monthly payments over three decades. For those prioritizing faster payoff and lower total interest costs, the 15-year fixed-rate average is 6.15%, providing a more aggressive amortization schedule.
Adjustable-rate mortgages, particularly the 5/1 ARM, are averaging 6.45% nationally. These products appeal to borrowers who anticipate relocating or refinancing within the initial fixed period, as they often start with lower rates than fixed options before adjusting based on market indices. Jumbo loans, which exceed conforming loan limits (currently set at $766,550 in most areas and higher in high-cost regions), carry an average rate of 7.05%, reflecting the added risk lenders assume for larger loan amounts.
These national averages are derived from aggregated data from major lenders, including banks, credit unions, and online mortgage providers. However, actual rates can vary based on individual credit scores, down payment amounts, loan-to-value ratios, and other personal financial factors. Borrowers with excellent credit (FICO scores above 740) and substantial down payments (20% or more) typically qualify for the lowest advertised rates.
State-by-State Breakdown
Mortgage rates aren't uniform across the country; they reflect regional economic health, housing demand, and even state-specific regulations. Let's break down the averages by state, focusing on the 30-year fixed-rate mortgage as a benchmark, while noting variations for other products where significant.
Starting in the Northeast, New York leads with some of the highest rates due to its bustling real estate market and high property values. The average 30-year fixed rate here is 7.05%, with 15-year fixed at 6.35% and 5/1 ARMs at 6.65%. Jumbo loans in high-cost areas like Manhattan push averages to 7.25%. Neighboring New Jersey follows closely at 6.95% for 30-year fixed, influenced by proximity to major urban centers. In contrast, more rural states like Vermont offer slightly lower rates, averaging 6.75% for 30-year fixed, benefiting from lower demand and cost of living.
Moving to New England, Massachusetts sees averages of 6.90% for 30-year fixed, driven by strong job markets in tech and education sectors. Connecticut and Rhode Island hover around 6.85%, while Maine provides a respite at 6.70%, appealing to those seeking affordability in less densely populated areas.
In the Mid-Atlantic region, Pennsylvania's average 30-year fixed rate is 6.80%, with Philadelphia's urban market pushing rates higher than rural areas. Maryland and Delaware offer competitive rates at 6.75% and 6.70%, respectively, bolstered by stable economies tied to government and finance. Washington, D.C., though not a state, influences nearby rates with its 7.00% average, reflecting high demand for housing in the nation's capital.
The South presents a mixed picture. Florida, with its booming population growth and tourism-driven economy, has a 30-year fixed average of 6.95%, up due to insurance costs and hurricane risks. Texas, a hotspot for relocations, averages 6.80%, with cities like Austin and Dallas seeing rates as low as 6.70% for well-qualified borrowers. Georgia follows at 6.85%, while more affordable states like Alabama and Mississippi dip to 6.65% and 6.60%, respectively, making them attractive for first-time buyers.
In the Southeast, North Carolina's average is 6.75%, supported by tech hubs in the Research Triangle. South Carolina and Virginia are similar at 6.80%, with Virginia benefiting from federal employment stability. Kentucky and Tennessee offer some of the region's lowest rates at 6.70% and 6.65%, drawing in buyers looking for value in growing metropolitan areas like Nashville.
The Midwest shows resilience with generally lower rates. Illinois averages 6.75% for 30-year fixed, though Chicago's market edges higher at 6.85%. Ohio and Michigan provide averages of 6.70% and 6.65%, respectively, aided by manufacturing recoveries and affordable housing stocks. Indiana and Wisconsin are even more competitive at 6.60%, with 15-year fixed rates around 5.90%, ideal for those planning shorter-term ownership.
Further west, Minnesota's 6.70% average reflects a balanced economy, while Iowa and Missouri dip to 6.55% and 6.60%, offering some of the nation's lowest rates due to lower living costs and steady agricultural influences. North Dakota and South Dakota, with sparse populations, boast averages of 6.50%, making them hidden gems for rate shoppers.
In the Southwest, California's rates are among the highest at 7.10% for 30-year fixed, exacerbated by sky-high home prices in areas like San Francisco and Los Angeles. Jumbo loans here average 7.30%, reflecting the prevalence of million-dollar properties. Arizona and Nevada, popular for retirees, average 6.85% and 6.90%, with ARMs being a favored choice for variable desert climates. New Mexico offers relief at 6.70%, with its mix of urban and rural appeal.
The Mountain West features Colorado at 6.80%, driven by outdoor lifestyle demand in Denver. Utah's strong tech sector pushes averages to 6.75%, while Idaho and Montana provide lower rates of 6.65% and 6.60%, attracting remote workers seeking affordability. Wyoming stands out with 6.55%, one of the lowest in the region.
On the West Coast, Washington's 6.95% average is influenced by Seattle's tech boom, with Oregon close behind at 6.90%. Hawaii, with its unique island economy, has the nation's highest rates at 7.20% for 30-year fixed, compounded by limited land availability and high import costs. Alaska, conversely, averages 6.80%, benefiting from energy sector stability.
In the Great Plains, Kansas and Nebraska offer 6.60% averages, with Oklahoma at 6.65%. These states provide consistent rates amid agricultural economies.
Finally, the Pacific Northwest and other regions round out with competitive offerings, emphasizing how geography plays a pivotal role in mortgage pricing.
Factors Influencing State Variations
Several elements contribute to these state-by-state differences. Local housing inventory plays a crucial role; states with low supply, like California and New York, see higher rates due to increased competition. Economic strength, such as job growth in tech-heavy areas like Texas and Massachusetts, can drive demand and thus rates upward. Regulatory environments also matter—states with stringent lending laws might have slightly higher rates to offset compliance costs.
Broader national factors include the Federal Reserve's benchmark rate, which indirectly affects mortgage pricing. As of July 2025, with inflation cooling but not yet at target levels, the Fed has maintained a steady stance, leading to modest rate increases. Bond market yields, particularly the 10-year Treasury note, serve as a bellwether for fixed-rate mortgages.
Credit conditions are another key influencer. In states with higher average credit scores, like those in the Midwest, lenders offer more favorable terms. Conversely, areas with economic volatility may see risk premiums added to rates.
Strategies for Securing the Best Mortgage Rates
For borrowers navigating this landscape, shopping around is essential. Comparing offers from multiple lenders can yield savings of 0.25% or more on rates, translating to thousands in interest over a loan's life. Improving credit scores by paying down debt and correcting errors on reports can unlock better terms. Considering points—upfront fees to buy down the rate—might make sense for long-term homeowners.
Timing also matters. Rates tend to dip during economic uncertainty, so monitoring Fed announcements and economic reports is wise. For those in high-rate states, exploring government-backed loans like FHA or VA options could provide lower entry points, especially for first-time buyers or veterans.
Refinancing remains a viable strategy if rates drop further. With current averages still above historical lows but below recent peaks, many homeowners are weighing the break-even point for refinancing costs.
Looking Ahead
As we move through 2025, experts anticipate potential rate stabilization or slight declines if inflation continues to moderate and the economy avoids recession. However, geopolitical tensions and supply chain issues could introduce volatility. Borrowers should stay informed through reliable sources and consult with financial advisors to tailor strategies to their situations.
In summary, while national averages provide a baseline, state-specific rates highlight the importance of location in mortgage planning. Whether you're in a low-rate haven like Iowa or a premium market like Hawaii, understanding these dynamics empowers better decision-making in your homeownership journey. (Word count: 1,248)
Read the Full Investopedia Article at:
[ https://www.investopedia.com/todays-mortgage-rates-by-state-july-24-2025-11778375 ]
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