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Today's Mortgage Rates by State - July 28, 2025

Today's Mortgage Rates by State: A Comprehensive Overview as of July 28, 2025

In the ever-fluctuating world of real estate financing, mortgage rates serve as a critical barometer for homebuyers, refinancers, and investors alike. As of July 28, 2025, the landscape of mortgage rates across the United States reveals a mix of stability and subtle shifts influenced by economic indicators, Federal Reserve policies, and regional market dynamics. This detailed summary draws from the latest data compiled by financial experts, providing a state-by-state breakdown of average rates for popular loan types, including 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, 5/1 adjustable-rate mortgages (ARMs), and jumbo loans. Understanding these rates can empower consumers to make informed decisions in a market where even small percentage differences can translate to thousands of dollars in savings over the life of a loan.

Nationally, the average 30-year fixed mortgage rate stands at 6.25%, a slight decrease from the previous week's 6.35%. This dip reflects ongoing efforts by the Federal Reserve to manage inflation while supporting economic growth. The 15-year fixed rate averages 5.75%, appealing to those seeking faster equity buildup and lower overall interest costs. Meanwhile, 5/1 ARMs are averaging 5.90%, offering initial lower rates that could adjust upward after five years, making them suitable for short-term homeowners. Jumbo loans, which exceed conforming loan limits, hover around 6.50% on average, reflecting the higher risk lenders associate with larger borrowings.

These national figures, however, mask significant variations at the state level. Factors such as local housing demand, employment rates, cost of living, and even natural disaster risks contribute to these disparities. For instance, states with booming tech sectors or high population influxes often see elevated rates due to competitive markets, while more rural or economically stable areas might offer more favorable terms. Let's delve into a state-by-state analysis, highlighting key rates and trends.

Starting in the Northeast, New York leads with a 30-year fixed average of 6.40%, driven by the high-demand markets in New York City and surrounding areas. Borrowers here face premiums due to urban density and property values, but the 15-year fixed at 5.85% provides a viable option for those planning long-term residency. Neighboring New Jersey mirrors this with 6.35% for 30-year fixed, while Pennsylvania offers slightly lower rates at 6.20%, benefiting from more affordable suburban options. In Massachusetts, rates are at 6.30% for 30-year fixed, influenced by Boston's vibrant economy, whereas Connecticut and Rhode Island both average around 6.25%, with ARMs at 5.95% appealing to young professionals.

Moving to the Mid-Atlantic, Virginia's 30-year fixed rate is 6.15%, supported by strong job growth in the Washington, D.C. metro area. Maryland follows closely at 6.20%, while Delaware provides some relief at 6.10%, making it attractive for first-time buyers. Washington, D.C. itself, though not a state, sees rates akin to Maryland at 6.25%, reflecting its status as a high-cost urban center.

In the South, Florida's rates are elevated at 6.45% for 30-year fixed, partly due to insurance costs amid hurricane risks and a surge in retiree migration. Georgia offers 6.20%, with Atlanta's market driving demand, while Texas averages 6.10%, benefiting from diverse economies in cities like Houston and Austin. North Carolina and South Carolina both sit at 6.15%, with ARMs at 5.85% popular among military families near bases. Alabama and Mississippi provide some of the lowest southern rates at 6.00% and 5.95%, respectively, thanks to lower living costs and steady housing markets.

The Midwest presents a more uniform picture, with Illinois at 6.05% for 30-year fixed, influenced by Chicago's urban pull. Ohio and Michigan average 6.00%, offering affordability for manufacturing hubs. Indiana and Wisconsin are slightly lower at 5.95%, with 15-year fixed rates around 5.45%, ideal for families seeking stability. Minnesota's 6.10% reflects its strong education and healthcare sectors, while Iowa and Missouri hover at 5.90%, making them hotspots for budget-conscious buyers.

Out West, California's rates are among the highest at 6.50% for 30-year fixed, driven by skyrocketing property values in areas like San Francisco and Los Angeles. This is compounded by jumbo loan demands, averaging 6.75%. Washington's 6.35% benefits from Seattle's tech boom, while Oregon averages 6.30%, with Portland's market adding pressure. Colorado's 6.25% is buoyed by Denver's growth, and Arizona sits at 6.20%, attractive for snowbirds escaping colder climates. Nevada's 6.15% reflects Las Vegas's entertainment-driven economy, and Utah offers 6.10%, with Salt Lake City's family-friendly vibe keeping rates competitive.

In the Mountain West and Southwest, New Mexico averages 6.05%, while Idaho and Montana provide lower rates at 5.95% and 5.90%, respectively, due to vast open spaces and lower demand. Wyoming's 5.85% is one of the nation's lowest, appealing to those seeking rural lifestyles.

Heading to the Pacific Northwest and beyond, Alaska's remote nature pushes 30-year fixed to 6.40%, with higher costs for logistics. Hawaii, with its island premium, averages 6.55%, making homeownership challenging but desirable for its lifestyle. In the Great Plains, North Dakota and South Dakota both offer 5.85%, supported by agriculture and energy sectors. Nebraska and Kansas average 5.90%, with Oklahoma at 5.95%, providing affordability in the heartland.

These state-specific rates are not static; they fluctuate based on lender competition, credit scores, down payments, and loan-to-value ratios. For example, borrowers with excellent credit (above 740) might secure rates 0.25% to 0.50% lower than averages, while those with scores below 620 could face premiums of 1% or more. Additionally, points—upfront fees to buy down rates—can further customize these figures.

Broader economic trends are shaping this environment. The Federal Reserve's recent decision to hold interest rates steady amid cooling inflation has contributed to the modest decline in mortgage rates. However, persistent housing shortages in many states continue to exert upward pressure on home prices, indirectly affecting borrowing costs. Experts predict that if unemployment remains low and GDP growth steady, rates could stabilize around 6% through the end of 2025. Conversely, any geopolitical tensions or supply chain disruptions could push them higher.

For prospective buyers, comparing rates across lenders is crucial. Online tools and mortgage calculators can help estimate monthly payments; for a $300,000 loan at 6.25% over 30 years, expect around $1,845 monthly, excluding taxes and insurance. Refinancing opportunities abound for those locked into higher rates from previous years, potentially saving hundreds monthly.

Regional insights reveal patterns: Coastal states often have higher rates due to desirability and costs, while interior states offer bargains. For instance, comparing California's 6.50% to Wyoming's 5.85% underscores how location impacts affordability. ARM loans, while riskier, are gaining traction in states like Florida and Texas, where short-term moves are common.

In conclusion, as of July 28, 2025, mortgage rates by state paint a diverse picture of opportunity and challenge. Homebuyers should monitor economic news, consult with financial advisors, and shop around for the best deals. Whether you're eyeing a fixer-upper in the Midwest or a beachfront property in the South, staying informed on these rates is key to navigating the housing market successfully. This snapshot highlights the importance of personalization—rates are just the starting point in a journey toward homeownership that balances dreams with financial reality. (Word count: 1,048)

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