Looking to snag the best mortgage rate possible? As of today, June 13, 2025, the states with the cheapest 30-year new purchase mortgage rates are New York, Colorado, California, Connecticut, Washington, D.C., Massachusetts, and Washington, where average rates range from 6.73% to 6.80%. But remember, this is just a snapshot, and securing the best rate for you requires a bit more digging.
States With Lowest Mortgage Rates Today – June 13, 2025
The world of mortgages can seem like a maze of numbers, terms, and fine print. As someone who's spent years navigating this field, I understand how overwhelming it can be. That's why I'm here to break down today's mortgage rate situation, state by state, and give you the insights you need to make smart decisions. This analysis is based on the latest data from Investopedia, offering a clear understanding of the current mortgage rates.
Why Do Mortgage Rates Vary By State?
You might be wondering, “Why doesn't everyone just get the same rate?” It's a fair question! Several factors contribute to the variation we see across different states:
- Lender Presence and Competition: Not all lenders operate in every state. Where there's less competition, rates may be higher.
- State-Level Regulations: State laws governing mortgages can differ, impacting lender costs and, consequently, rates.
- Credit Score Averages: States with higher average credit scores might see slightly better rates overall, as lenders perceive less risk.
- Average Loan Sizes: If the average loan size in a state is larger, lenders might adjust rates accordingly to manage their portfolios.
- Risk Management Strategies: Each lender has its own approach to risk. Some might be more aggressive in offering lower rates to attract business, while others might prioritize profitability.
The Highs and Lows: A State-by-State Breakdown
Let's dive into the specifics. Earlier, I mentioned the states with the lowest rates. Here's a quick recap and comparison of the highest too.
States with the Lowest 30-Year Fixed Mortgage Rates (New Purchase) – June 13, 2025
- New York: 6.73%
- Colorado: 6.75%
- California: 6.76%
- Connecticut: 6.77%
- Washington, D.C.: 6.78%
- Massachusetts: 6.79%
- Washington: 6.80%
States with the Highestr 30-Year Fixed Mortgage Rates (New Purchase) – June 13, 2025
- West Virginia: 6.95%
- Alaska: 6.97%
- North Dakota: 6.98%
- Mississippi: 6.99%
- Wyoming: 7.00%
- Rhode Island: 7.01%
It's crucial to remember that these are just averages. Your individual rate will depend on your unique financial situation.
National Mortgage Rate Trends: Where Are We Heading?
It's not just about individual states; the national picture matters too. Here's a look at where national average mortgage rates stand right now, according to Zillow:
- 30-Year Fixed (New Purchase): 6.87%
- FHA 30-Year Fixed: 6.95%
- 15-Year Fixed: 5.91%
- Jumbo 30-Year Fixed: 6.84%
- 5/6 ARM: 7.13%
Rates on 30-year new purchase mortgages have been incrementally dropping for the past week, recovering from a surge, and are down from a high of 7.15% in May. While rates dipped to 6.50% in March, their lowest average of 2025, and 5.89% in September of the past year, we need to keep a close watch on the market.
Understanding the Fine Print: “Teaser Rates” vs. Actual Rates
You've probably seen those super-low mortgage rates advertised online. They can be tempting, but it's important to understand what you're really getting. These “teaser rates” often come with strings attached:
- Points: You might have to pay points (an upfront fee) to get that low rate.
- Ultra-High Credit Scores: The rate might only be available to borrowers with near-perfect credit.
- Small Loan Amounts: Some lenders offer lower rates on smaller loans.
The rate you actually secure will be based on your credit score, income, down payment, and other factors. Don't be afraid to ask lenders for a Loan Estimate to see the full picture.
Read More:
States With the Lowest Mortgage Rates on June 11, 2025
Are Mortgage Rates Expected to Go Down Soon: A Realistic Outlook
What Drives Mortgage Rate Fluctuations?
Understanding the factors that influence mortgage rates is like understanding the financial weather forecast. Several key elements are at play.
- The Bond Market: Look into the 10-year treasury yields in the bond market and watch for changes there.
- The Federal Reserve (The Fed): The Fed is still purchasing bonds to a degree but at a tapered volume. The Fed has been incrementally cutting rates – starting with a cut of 0.50 percentage points and following with two more cuts of 0.25 points each. Keep in mind that the Fed has eight scheduled rate-setting meetings per year that could result in a hold announcement.
- Competition: This is true across all types of loan offerings, more competition will drive costs down.
- Inflation: Higher inflation will cause mortgage rates to increase.
What Can You Do to Get the Best Rate?
Okay, so you know where rates are and why they change. Now, let's talk about what you can do to land the best possible rate.
- Shop Around. Shop Around. Shop Around! I can't stress this enough. Get quotes from multiple lenders – banks, credit unions, online lenders – and compare them carefully.
- Boost Your Credit Score: Even a small improvement in your credit score can make a big difference in your interest rate. Pay bills on time, reduce your credit card balances, and correct any errors on your credit report.
- Save for a Larger Down Payment: A bigger down payment means less risk for the lender, which can translate to a lower rate.
- Consider a Shorter Loan Term: 15-year mortgages typically have lower interest rates than 30-year mortgages, although your monthly payments will be higher.
- Be Prepared to Negotiate: Don't be afraid to ask lenders if they can match or beat a competitor's offer. You might be surprised at their willingness to work with you.
The Bottom Line:
The mortgage market is constantly evolving. What's true today might not be true tomorrow. Stay informed, do your research, and work with trusted professionals who can guide you through the process. Buying a home is one of the biggest financial decisions you'll ever make. Take your time, and make sure you're making the right choice for you.
Invest in Real Estate in the Top U.S. Markets
Investing in turnkey real estate can help you secure consistent returns with fluctuating mortgage rates.
Expand your portfolio confidently, even in a shifting interest rate environment.
Speak with our expert investment counselors (No Obligation):
(800) 611-3060
Also Read:
- Will Mortgage Rates Go Down in 2025: Morgan Stanley's Forecast
- Expect High Mortgage Rates Until 2026: Fannie Mae's 2-Year Forecast
- Mortgage Rate Predictions 2025 from 4 Leading Housing Experts
- Mortgage Rates Forecast for the Next 3 Years: 2025 to 2027
- 30-Year Mortgage Rate Forecast for the Next 5 Years
- 15-Year Mortgage Rate Forecast for the Next 5 Years
- Why Are Mortgage Rates Going Up in 2025: Will Rates Drop?
- Why Are Mortgage Rates So High and Predictions for 2025
- Will Mortgage Rates Ever Be 3% Again in the Future?
- Mortgage Rates Predictions for Next 2 Years
- Mortgage Rate Predictions for Next 5 Years
- Mortgage Rate Predictions: Why 2% and 3% Rates are Out of Reach
- How Lower Mortgage Rates Can Save You Thousands?
- How to Get a Low Mortgage Interest Rate?
- Will Mortgage Rates Ever Be 4% Again?