Overview

• The national average 30-year fixed purchase mortgage rate rose to 7.03% on April 22, 2025, following a three-day increase.
• Refinance rates also climbed, reaching 7.22%, after recovering from a 22-basis-point drop earlier this month.
• State-level disparities persist, with refinance rates ranging from 6.94%–7.19% in states like New York and California to 7.27%–7.32% in states like West Virginia and Alaska.
• The Federal Reserve’s March decision to hold rates steady and project only two rate cuts for 2025 continues to influence borrowing costs.
• Freddie Mac’s weekly average mortgage rate, calculated differently from daily Zillow API rates, dipped last week to 6.41%, highlighting variation in rate reporting methodologies.