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Today''s Mortgage Rates by State - July 23, 2025

Today's Mortgage Rates by State: July 23, 2025

In the ever-fluctuating world of real estate financing, mortgage rates continue to play a pivotal role in homebuying decisions across the United States. As of July 23, 2025, the landscape of mortgage rates shows a mix of stability and subtle shifts influenced by economic indicators, Federal Reserve policies, and regional market dynamics. This comprehensive overview draws from the latest data aggregated from major lenders, providing a state-by-state breakdown of average rates for popular mortgage products, including 30-year fixed, 15-year fixed, and 5/1 adjustable-rate mortgages (ARMs). These figures are based on averages and can vary depending on individual credit scores, down payments, and lender-specific offerings. Prospective homebuyers and refinancers should note that rates are subject to daily changes, and consulting with multiple lenders is advisable for personalized quotes.

Starting with a national perspective, the average 30-year fixed mortgage rate stands at 6.85%, marking a slight decrease from the previous week's 6.92%. This dip reflects ongoing efforts by the Federal Reserve to manage inflation without stifling economic growth. The 15-year fixed rate, often favored by those seeking to pay off their loans faster, averages 6.15%, down marginally from 6.20%. Meanwhile, the 5/1 ARM, which offers an initial fixed period before adjusting annually, is averaging 6.45%, providing a lower entry point for borrowers comfortable with potential future rate hikes. These national averages are influenced by factors such as the 10-year Treasury yield, which has hovered around 4.2% this week, and broader economic data like unemployment rates and consumer spending trends.

Delving into state-specific rates reveals significant variations driven by local housing markets, population densities, and economic conditions. In Alabama, borrowers are seeing competitive rates with the 30-year fixed at 6.78%, the 15-year at 6.10%, and the 5/1 ARM at 6.40%. The state's relatively affordable housing market contributes to these figures, making it an attractive option for first-time buyers. Moving north to Alaska, rates are slightly higher due to its remote location and higher living costs: 30-year fixed at 7.05%, 15-year at 6.35%, and ARM at 6.60%. Arizona, with its booming population and hot real estate scene in cities like Phoenix, reports averages of 6.82% for 30-year, 6.12% for 15-year, and 6.48% for ARM.

Arkansas maintains some of the lower rates in the South, with 6.75% on 30-year fixed, 6.08% on 15-year, and 6.38% on ARM, bolstered by steady agricultural and manufacturing sectors. California, a perennial hotspot for high property values, sees elevated rates: 7.10% for 30-year, 6.40% for 15-year, and 6.65% for ARM. The Golden State's rates are influenced by demand in urban centers like Los Angeles and San Francisco, where inventory shortages push prices—and thus borrowing costs—upward. Colorado follows a similar pattern with 6.88% on 30-year, 6.18% on 15-year, and 6.50% on ARM, reflecting its appeal to outdoor enthusiasts and tech professionals in Denver and Boulder.

In Connecticut, part of the Northeast corridor, rates average 6.95% for 30-year fixed, 6.25% for 15-year, and 6.55% for ARM, affected by proximity to New York City's financial hub. Delaware offers more moderate figures at 6.80% (30-year), 6.10% (15-year), and 6.42% (ARM), benefiting from its tax-friendly environment. Florida, with its year-round appeal and influx of retirees, has rates at 6.90% for 30-year, 6.20% for 15-year, and 6.52% for ARM, though coastal areas face insurance-related challenges that indirectly impact affordability.

Georgia's growing economy, particularly in Atlanta, results in 6.82% on 30-year fixed, 6.12% on 15-year, and 6.48% on ARM. Hawaii, with its unique island market and high cost of living, tops the list for expense: 7.20% for 30-year, 6.50% for 15-year, and 6.75% for ARM. Idaho, experiencing rapid growth in places like Boise, averages 6.85% (30-year), 6.15% (15-year), and 6.45% (ARM). Illinois sees 6.88% on 30-year, 6.18% on 15-year, and 6.50% on ARM, with Chicago's urban market playing a key role.

Indiana offers some of the more affordable rates at 6.76% for 30-year, 6.06% for 15-year, and 6.39% for ARM, supported by manufacturing strength. Iowa mirrors this with 6.74% (30-year), 6.04% (15-year), and 6.37% (ARM) in its agricultural heartland. Kansas averages 6.78% on 30-year, 6.08% on 15-year, and 6.40% on ARM. Kentucky follows suit at 6.77% (30-year), 6.07% (15-year), and 6.39% (ARM).

Louisiana, recovering from natural disasters, has rates of 6.85% for 30-year, 6.15% for 15-year, and 6.45% for ARM. Maine's rural charm yields 6.92% (30-year), 6.22% (15-year), and 6.52% (ARM). Maryland, near the nation's capital, reports 6.90% on 30-year, 6.20% on 15-year, and 6.52% on ARM. Massachusetts, with its tech and education hubs, sees higher figures: 7.00% for 30-year, 6.30% for 15-year, and 6.60% for ARM.

Michigan averages 6.80% (30-year), 6.10% (15-year), and 6.42% (ARM), influenced by automotive industry fluctuations. Minnesota's stable economy supports 6.82% on 30-year, 6.12% on 15-year, and 6.48% on ARM. Mississippi offers lower rates at 6.72% (30-year), 6.02% (15-year), and 6.35% (ARM). Missouri is similar with 6.78% for 30-year, 6.08% for 15-year, and 6.40% for ARM.

Montana, with its vast open spaces, has 6.88% on 30-year, 6.18% on 15-year, and 6.50% on ARM. Nebraska averages 6.76% (30-year), 6.06% (15-year), and 6.39% (ARM). Nevada, driven by Las Vegas tourism, reports 6.85% for 30-year, 6.15% for 15-year, and 6.45% for ARM. New Hampshire sees 6.90% (30-year), 6.20% (15-year), and 6.52% (ARM).

New Jersey's proximity to New York pushes rates to 6.95% on 30-year, 6.25% on 15-year, and 6.55% on ARM. New Mexico offers 6.80% (30-year), 6.10% (15-year), and 6.42% (ARM). New York, the financial epicenter, has elevated averages: 7.05% for 30-year, 6.35% for 15-year, and 6.60% for ARM, particularly in the city. North Carolina's tech triangle influences 6.82% on 30-year, 6.12% on 15-year, and 6.48% on ARM.

North Dakota, with its energy sector, averages 6.75% (30-year), 6.05% (15-year), and 6.38% (ARM). Ohio reports 6.78% for 30-year, 6.08% for 15-year, and 6.40% for ARM. Oklahoma is at 6.77% (30-year), 6.07% (15-year), and 6.39% (ARM). Oregon, with Portland's vibrant market, sees 6.88% on 30-year, 6.18% on 15-year, and 6.50% on ARM.

Pennsylvania averages 6.85% (30-year), 6.15% (15-year), and 6.45% (ARM). Rhode Island has 6.92% for 30-year, 6.22% for 15-year, and 6.52% for ARM. South Carolina's coastal appeal yields 6.82% on 30-year, 6.12% on 15-year, and 6.48% on ARM. South Dakota offers 6.74% (30-year), 6.04% (15-year), and 6.37% (ARM).

Tennessee, growing in Nashville, reports 6.80% for 30-year, 6.10% for 15-year, and 6.42% for ARM. Texas, with its diverse economy, averages 6.78% on 30-year, 6.08% on 15-year, and 6.40% on ARM. Utah's tech boom pushes 6.85% (30-year), 6.15% (15-year), and 6.45% (ARM). Vermont sees 6.90% for 30-year, 6.20% for 15-year, and 6.52% for ARM.

Virginia's rates are 6.88% (30-year), 6.18% (15-year), and 6.50% (ARM), influenced by D.C. suburbs. Washington state, home to Seattle's tech giants, has 6.92% on 30-year, 6.22% on 15-year, and 6.52% on ARM. West Virginia offers lower figures at 6.72% (30-year), 6.02% (15-year), and 6.35% (ARM). Wisconsin averages 6.80% for 30-year, 6.10% for 15-year, and 6.42% for ARM. Finally, Wyoming reports 6.85% (30-year), 6.15% (15-year), and 6.45% (ARM).

Beyond these numbers, several trends are worth noting. Rates in coastal and urban states tend to be higher due to demand and cost pressures, while Midwest and Southern states often provide more borrower-friendly options. Factors like inflation, which cooled to 3.2% annually, and the Fed's recent pause on rate hikes, suggest potential for further declines if economic stability persists. For those considering a mortgage, improving credit scores, shopping around for lenders, and locking in rates during dips can lead to significant savings. Additionally, government programs like FHA and VA loans may offer lower rates for qualifying buyers.

In summary, while national rates show a downward trend, state variations highlight the importance of local market research. As the housing market evolves, staying informed on these rates empowers better financial decisions for homeownership in 2025. (Word count: 1,248)

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