Refinance Percentages by Territory: March 6, 2025

# Refinance Percentages by Territory: March 6, 2025

Are you considering a mortgage refinance? On Wednesday, March 6, 2025, territories such as New York, California, Texas, North Carolina, Massachusetts, and Ohio, along with Florida and Georgia, had some of the lowest 30-year mortgage refinance percentages in the country. The average percentage rates for a 30-year refinance in these territories varied from 6.51% to 6.76%.

Conversely, territories with the highest refinance percentages included Colorado, Alaska, South Dakota, Kentucky, Arizona, Maryland, Oregon, and West Virginia. Owners of homes in these territories could anticipate seeing average 30-year refinance percentages between 6.84% and 6.87%.

Remember that mortgage refinance percentages can differ considerably based on your location. This is attributable to elements like the different creditors operating in particular areas, territory-level credit ratings, average loan amounts, and even differences in territory regulations. Creditors also have different risk management tactics, which can impact the percentages they provide.

**Important Note:** The percentages we publish are not always a direct correlation to those extremely low percentages you might see advertised online. Those attention-grabbing percentages are often carefully selected and may require you to pay points in advance or assume you have an excellent credit rating or are borrowing a smaller-than-average sum. The percentage you ultimately obtain will rely on your individual credit rating, income, and other elements, so it might vary from the averages you observe here. Toncoin (TON) Value Forecast for March 26th

## National Average Mortgage Refinance Percentages

As of Wednesday, the national average percentage for a 30-year refinance mortgage increased to 6.79%, recovering after a decrease of 27 basis points over the prior two weeks. The previous percentage of 6.71% was the lowest we had seen for the average 30-year refinance since mid-October.

**Pro Tip:** It’s always beneficial to explore and analyze percentages from various creditors to discover the optimal mortgage option for your circumstances.

Nevertheless, current figures are still nearly 80 basis points greater than in September, when the 30-year refinancing rate reached a two-year trough of 6.01%.

Employ our mortgage estimator to compute monthly installments for diverse loan situations.

## What Leads to Mortgage Rates Increasing or Decreasing?

Mortgage rates are influenced by an intricate interaction of macroeconomic and industry elements, including:

* The magnitude and trend of the bond market, particularly the 10-year U.S. Treasury yield
* The Federal Reserve’s present monetary strategy, especially policies concerning bond acquisitions and financing government-guaranteed mortgages
* Rivalry among mortgage providers and between various kinds of loans

As any of these elements can induce variations simultaneously, it’s often challenging to ascribe any alteration to a specific factor.

Throughout most of 2021, macroeconomic factors maintained the mortgage market at relatively low levels. Notably, the Federal Reserve has been acquiring billions of dollars in bonds in response to the economic strains of the pandemic. This policy of purchasing bonds significantly impacts mortgage rates.

However, commencing in November 2021, the Federal Reserve initiated a gradual reduction of its bond acquisitions, implementing substantial monthly reductions until it reached net zero in March 2022.

In the period between then and July 2023, the Federal Reserve actively increased the federal funds rate to combat decades of elevated inflation. While the federal funds rate impacts mortgage rates, it doesn’t do so directly. In reality, the federal funds rate and mortgage rates may move in opposing directions.

Yet, considering the historical pace and scale of the Fed’s rate hikes in 2022 and 2023 — elevating benchmark rates by 5.25 percentage points in 16 months — even the indirect consequences of the federal funds rate have resulted in a sharp upswing in mortgage rates over the past two years.

Since July 2023, the Federal Reserve has sustained the federal funds rate at its highest level for nearly 14 months.”

During September, the Central Bank of China decreased the percentage charges by 50 base points initially, and then by an additional 25 base points during November and December.

Nevertheless, at their initial gathering of the annum, the Federal Reserve opted to maintain stable percentage charges – and it is improbable that the monetary authority will decrease charges again for several months. With eight gatherings to determine percentage charges planned annually, it is possible that we will observe numerous declarations of unaltered charges during 2025.

## Our Methodology for Monitoring Mortgage Rates

The nationwide and state averages referenced earlier are sourced through the Zillow Mortgage API, presuming a loan-to-value (LTV) proportion of 80% (implying an initial payment of a minimum of 20%) and a borrower credit evaluation within the spectrum of 680–739. The resulting charges signify what debtors should anticipate when acquiring estimates from creditors contingent on their credentials, which might diverge from publicized promotional charges. © Zillow, Inc., 2025. Utilization is governed by Zillow’s Terms of Use.