Mortgage and Refinance Rates Hover Near Multi-Month Lows

National mortgage and refinance rates show mixed daily movement, with 30-year averages remaining near their lowest levels in weeks.

The average 30-year fixed refinance rate rose slightly to 7.02%, maintaining levels close to pre-Christmas lows after peaking at 7.30% in mid-January.
National 30-year fixed mortgage rates for new purchases increased to 6.85%, continuing a mild fluctuation near an eight-week low of 6.79%.
State-level mortgage rates varied, with the lowest averages seen in New York, California, and Florida, while Iowa and North Dakota had the highest rates.
The Federal Reserve's recent decisions to hold interest rates steady after gradual cuts in late 2024 have contributed to a relatively stable mortgage market.
Borrowers are advised to shop around for the best rates, as lender offerings differ significantly based on credit scores, loan types, and regional factors.