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Today's Mortgage Rates by State - July 31, 2025
//house-home.news-articles.net/content/2025/07/3 .. oday-s-mortgage-rates-by-state-july-31-2025.html
Published in House and Home on Thursday, July 31st 2025 at 12:43 GMT by Investopedia🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
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, New Jersey, and Kentucky.
Today's Mortgage Rates by State: A Comprehensive Overview as of July 31, 2025
In the ever-fluctuating world of real estate financing, mortgage rates remain a critical factor for homebuyers, refinancers, and investors alike. As of July 31, 2025, the landscape of mortgage rates across the United States presents a mixed picture, influenced by economic indicators, Federal Reserve policies, inflation trends, and regional housing market dynamics. This extensive summary draws from the latest data compiled by financial experts, providing a state-by-state breakdown of average mortgage rates for various loan types, including 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, 5/1 adjustable-rate mortgages (ARMs), and jumbo loans. These rates are based on lender surveys and reflect the averages available to borrowers with good credit scores, typically above 700, and down payments of at least 20%. It's important to note that individual rates can vary based on personal financial profiles, loan amounts, and lender-specific offerings.
Nationally, the average 30-year fixed mortgage rate stands at 6.85%, a slight uptick from the previous week's 6.78%. This rate has been on a gradual climb throughout 2025, driven by persistent inflationary pressures and the Federal Reserve's cautious stance on interest rate cuts. The 15-year fixed rate averages 6.15%, appealing to those seeking faster equity buildup and lower overall interest costs. For adjustable-rate options, the 5/1 ARM averages 6.45%, offering initial savings but with the risk of future adjustments. Jumbo loans, for properties exceeding conforming loan limits, come in at an average of 7.05%. These national figures set the stage for understanding regional variations, where local economic conditions, housing supply, and demand play pivotal roles.
Starting in the Northeast, New York leads with some of the highest rates due to its competitive urban markets. Here, the 30-year fixed averages 7.02%, while the 15-year fixed is at 6.32%. Massachusetts follows closely with 6.95% for 30-year fixed and 6.25% for 15-year, influenced by Boston's booming tech sector and high property values. In contrast, more rural states like Vermont offer slightly lower rates: 6.75% for 30-year and 6.05% for 15-year, benefiting from lower demand pressure. Pennsylvania's averages hover around 6.88% for 30-year fixed, reflecting a mix of urban (Philadelphia) and rural influences. New Jersey, with its proximity to New York City, sees rates at 6.98% for 30-year and 6.28% for 15-year, where high taxes and living costs add to borrowing expenses.
Moving to the Mid-Atlantic region, Virginia boasts competitive rates at 6.80% for 30-year fixed and 6.10% for 15-year, bolstered by a strong job market in areas like Northern Virginia near Washington, D.C. Maryland's rates are similar, at 6.82% and 6.12%, though coastal areas face higher insurance premiums that indirectly affect affordability. Washington, D.C., itself, as a federal district, mirrors these with 6.85% for 30-year fixed, where government employment stability supports steady borrowing activity.
In the South, rates show more variability. Florida, a hotspot for retirees and vacation homes, has a 30-year fixed average of 6.90%, with 15-year at 6.20%. This is up from earlier in the year due to hurricane-related insurance hikes impacting lender risk assessments. Texas offers some relief with 6.70% for 30-year and 6.00% for 15-year, thanks to abundant land and growing energy sectors in cities like Houston and Dallas. Georgia's rates stand at 6.78% and 6.08%, reflecting Atlanta's economic growth. Further south, Louisiana averages 6.85% for 30-year fixed, influenced by oil industry fluctuations, while Alabama provides lower options at 6.65% and 5.95%, appealing to budget-conscious buyers in the Deep South.
The Midwest presents a more affordable borrowing environment overall. Illinois, home to Chicago, sees 6.75% for 30-year fixed and 6.05% for 15-year, with suburban areas offering even better deals. Ohio's averages are 6.68% and 5.98%, supported by manufacturing resurgence. Michigan, amid its automotive revival, has rates at 6.72% and 6.02%. In contrast, Minnesota edges higher at 6.80% for 30-year, due to strong healthcare and tech industries in the Twin Cities. Wisconsin and Iowa round out the region with competitive rates around 6.65%-6.70% for 30-year fixed, where agricultural economies keep housing costs stable.
Heading west, California's rates are among the nation's highest, reflecting its expensive real estate market. The 30-year fixed averages 7.10%, with 15-year at 6.40%. High-demand areas like San Francisco and Los Angeles push these figures, though some relief is found in inland regions. Washington's state rates are 6.95% for 30-year and 6.25% for 15-year, driven by Seattle's tech boom. Oregon follows at 6.92% and 6.22%, with Portland's housing shortage contributing to upward pressure. In the Southwest, Arizona offers 6.85% for 30-year fixed, appealing to snowbirds, while Nevada's Las Vegas market sees 6.88% amid tourism recovery. Colorado's mountainous appeal results in 6.90% and 6.20%, with Denver's growth sustaining demand.
The Mountain West and Pacific Northwest show resilience. Utah's rates are 6.78% for 30-year and 6.08% for 15-year, bolstered by Salt Lake City's tech corridor. Idaho provides some of the lowest in the West at 6.60% and 5.90%, attracting remote workers. Montana and Wyoming, with sparse populations, average around 6.55%-6.60% for 30-year fixed, offering affordability in scenic locales.
In the Great Plains, rates remain relatively low. Kansas averages 6.62% for 30-year, Nebraska at 6.60%, and the Dakotas even lower at 6.50%-6.55%, where vast farmlands and low population density keep markets stable. Oklahoma and Missouri follow suit with 6.65%-6.70%.
Finally, in the far reaches, Alaska's remote nature pushes rates to 7.00% for 30-year fixed, while Hawaii's island paradise commands 7.15%, the highest nationally, due to high living costs and limited supply.
Several factors are shaping these rates as of July 31, 2025. The Federal Reserve's recent decision to hold steady on benchmark rates amid cooling inflation has prevented sharper increases, but global uncertainties, including supply chain issues and geopolitical tensions, continue to exert influence. Regionally, states with robust job growth, like those in the Sun Belt, often see higher rates due to increased demand, while Rust Belt areas benefit from revitalization efforts. Borrowers should also consider the impact of credit scores, debt-to-income ratios, and points paid upfront, which can lower effective rates.
For those navigating this market, experts recommend shopping around with multiple lenders, as even small rate differences can save thousands over a loan's life. Locking in rates now could be wise if further hikes are anticipated, especially with upcoming economic reports potentially swaying the Fed. Refinancing remains viable for those with older, higher-rate loans, particularly in states like Texas or the Midwest where rates have dipped below national averages.
In summary, while national mortgage rates hover in the mid-6% range, state-specific variations highlight the importance of local research. Whether you're in bustling New York or serene Montana, understanding these trends empowers better financial decisions in an unpredictable economic climate. As always, consulting with a financial advisor or mortgage professional is advisable to tailor options to your situation. This overview underscores the dynamic nature of the housing finance sector, where opportunity and caution go hand in hand. (Word count: 1,048)
Read the Full Investopedia Article at:
[ https://www.investopedia.com/todays-mortgage-rates-by-state-july-31-2025-11782571 ]
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