Refinance Rates by State: California, New York, Florida, and More

The current 30-year refinance mortgage rate in the US is 7.00%, near a 3-month low. Refinance rates vary by state, with the cheapest rates in California, New York, Florida, North Carolina, Washington, New Jersey, and Tennessee, ranging from 6.84% to 6.96%. The most expensive rates are in West Virginia, Alaska, Delaware, Kentucky, and New Mexico, ranging from 7.06% to 7.10%. Rates are influenced by state-level variations in credit score, average loan size, and regulations, as well as lenders' risk management strategies.

The current 30-year refinance mortgage rate in the US stands at 7.00%, marking a near 3-month low. Refinance rates, however, vary significantly across different states, influenced by various factors including credit score, average loan size, regulations, and lenders' risk management strategies.

The states with the lowest 30-year refinance rates as of July 8, 2025, are California, New York, Florida, North Carolina, Washington, New Jersey, and Tennessee, with rates ranging from 6.84% to 6.96% [2]. Conversely, the most expensive rates are found in West Virginia, Alaska, Delaware, Kentucky, and New Mexico, with rates ranging from 7.06% to 7.10% [2].

These variations highlight the importance of shopping around for the best mortgage options. Homeowners should consider multiple lenders and compare rates regularly to ensure they are getting the best deal possible. Additionally, understanding the factors that influence mortgage rates can help homeowners make informed decisions about refinancing.

Mortgage rates are determined by a complex interplay of macroeconomic and industry factors, including the bond market, Federal Reserve policy, and competition among lenders [2]. While rates have been relatively low for much of 2021, they have since risen due to the Federal Reserve's aggressive rate hikes to combat inflation. The Fed has maintained its peak rate for almost 14 months, but recent announcements suggest a potential shift in monetary policy, which could impact mortgage rates in the coming months.

For those considering a refinance, it's essential to evaluate their personal financial situation and compare the benefits of refinancing with their current mortgage terms. Factors such as the length of the remaining loan term, the current interest rate, and the potential savings from refinancing should be carefully considered.

In conclusion, mortgage refinance rates vary significantly by state, influenced by a range of factors. Homeowners should shop around and compare rates from multiple lenders to ensure they are getting the best deal possible. Understanding the factors that influence mortgage rates can help homeowners make informed decisions about refinancing and navigate the current market conditions.

References:

[1] https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-interest-rates-today-sunday-july-6-2025-100038792.html
[2] https://www.investopedia.com/todays-refinance-rates-by-state-july-8-2025-11768249