Overview

• The nationwide average for 30-year fixed purchase loans declined eight basis points Thursday to 7.00% after falling three of the past four days.
• Refinance rates for 30-year mortgages dipped three basis points to 7.19%, marking a two-week low.
• The Federal Reserve kept its benchmark federal funds rate unchanged at its third meeting of 2025, indicating that additional rate cuts could be delayed for months.
• State-level data show the cheapest 30-year purchase rates—between 6.78% and 6.98%—in New York, California, North Carolina, Texas, Colorado, Washington and Florida, while Alaska and West Virginia sit at the higher end.
• Although rates have eased recently, borrowing costs remain elevated compared to early-year lows and continue to mirror broader bond yield movements driven by past Fed tightening.