N※N

Sports and Competition
Source : (remove) : WIVB
^{RSS • JSON • XML • CSV}

Sports and Competition
Source : (remove) : WIVB
^{RSS • JSON • XML • CSV}

Today's Mortgage Rates by State - July 29, 2025

Today's Mortgage Rates by State: July 29, 2025

As the housing market continues to evolve amid economic shifts, mortgage rates remain a critical factor for homebuyers and refinancers across the United States. On July 29, 2025, average mortgage rates have shown slight fluctuations influenced by recent Federal Reserve policies, inflation trends, and regional economic conditions. This comprehensive overview breaks down the latest rates by state, highlighting variations for popular loan types including 30-year fixed-rate mortgages, 15-year fixed-rate mortgages, 5/1 adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans. These figures are based on aggregated data from major lenders and reflect averages that can vary based on credit scores, down payments, and other borrower-specific factors.

Nationally, the average 30-year fixed mortgage rate stands at 6.45%, a modest decrease from last week's 6.52%. This dip is attributed to cooling inflation data and expectations of a potential rate cut by the Fed later in the year. The 15-year fixed rate averages 5.85%, appealing to those seeking faster equity buildup and lower overall interest costs. For adjustable-rate options, the 5/1 ARM averages 6.10%, offering initial savings but with the risk of future adjustments. FHA loans, popular among first-time buyers, average 6.30%, while VA loans for eligible veterans and service members come in at 6.15%. Jumbo loans, for higher-value properties, are averaging 6.70%, reflecting the premium for larger loan amounts.

Diving into state-specific rates reveals significant regional differences driven by local housing demand, employment rates, and cost-of-living variations. Starting in the Northeast, New York leads with a 30-year fixed average of 6.55%, influenced by high urban demand in areas like New York City. Neighboring New Jersey follows closely at 6.52%, where suburban markets remain competitive. In Massachusetts, rates are slightly lower at 6.48%, benefiting from a stable tech-driven economy in Boston. Pennsylvania averages 6.50%, with variations between Philadelphia's urban core and rural areas. Connecticut and Rhode Island both hover around 6.49%, reflecting affluent coastal influences.

Moving to the Midwest, affordability plays a key role. Illinois reports a 30-year fixed average of 6.40%, lower than the national figure, thanks to steady manufacturing and agricultural sectors. Ohio matches this at 6.40%, with cities like Cleveland and Columbus seeing competitive lending. Michigan's average is 6.42%, impacted by automotive industry rebounds. Indiana and Wisconsin both average 6.38%, offering some of the more borrower-friendly rates in the region due to lower home prices. Minnesota stands at 6.41%, where Minneapolis's growing tech scene slightly elevates demand.

In the South, rates vary widely due to population influxes and natural disaster risks. Texas, with its booming economy, averages 6.47% for 30-year fixed loans, higher in hotspots like Austin and Dallas. Florida's average is 6.50%, influenced by hurricane season preparations and coastal property premiums. Georgia averages 6.45%, with Atlanta's urban growth driving rates. North Carolina and Virginia both come in at 6.43%, benefiting from tech corridors and military bases. South Carolina averages 6.46%, while Tennessee is at 6.44%, reflecting music and tourism-driven economies. Alabama and Mississippi offer lower averages of 6.35% and 6.33%, respectively, due to more affordable housing markets. Louisiana averages 6.48%, with New Orleans' recovery efforts playing a role.

The West Coast shows some of the highest rates, driven by high home values. California's 30-year fixed average is 6.60%, elevated by demand in Los Angeles and San Francisco. Washington's average is 6.58%, with Seattle's tech boom contributing. Oregon averages 6.55%, reflecting Portland's vibrant market. In the Southwest, Arizona averages 6.52%, influenced by retiree influxes in Phoenix. Nevada is at 6.50%, with Las Vegas's entertainment economy adding volatility. New Mexico offers a lower 6.40%, thanks to more rural affordability.

Mountain states present a mixed picture. Colorado's average is 6.53%, high due to Denver's appeal. Utah averages 6.49%, with Salt Lake City's growth. Idaho is at 6.47%, benefiting from outdoor lifestyle attractions. Montana and Wyoming both average around 6.45%, where sparse populations keep demand moderate.

For shorter-term loans, 15-year fixed rates follow similar patterns but are generally 0.5% to 0.6% lower than their 30-year counterparts. Nationally, this means savings for those who can afford higher monthly payments. In high-rate states like California, the 15-year average is 6.00%, while in affordable Midwest states like Indiana, it's 5.78%. ARMs are particularly popular in fluctuating markets; for instance, Florida's 5/1 ARM averages 6.15%, offering initial teaser rates that could adjust upward.

FHA and VA loans provide accessible options with lower rates. In Texas, FHA averages 6.32%, aiding first-time buyers in competitive areas. VA rates in Virginia average 6.10%, a boon for military families. Jumbo loans, exceeding conforming limits, carry premiums; New York's jumbo average is 6.80%, reflecting luxury market dynamics.

Several factors are influencing these rates as of July 29, 2025. The Federal Reserve's recent decision to hold steady on benchmark rates has stabilized the market, but anticipation of a September cut could push averages lower. Inflation, currently at 2.8% year-over-year, remains a watchdog metric. Bond yields, particularly the 10-year Treasury, have dipped to 4.1%, correlating with mortgage rate declines. Regional disparities stem from local economies: states with strong job growth, like those in the Sun Belt, see higher demand and thus elevated rates, while Rust Belt areas offer more competitive lending.

For borrowers, now is a strategic time to lock in rates, especially with potential Fed easing on the horizon. Experts recommend shopping around, as rates can vary by 0.25% or more between lenders. Improving credit scores—aiming for 740 or above—can secure the best terms. Consider points: paying upfront fees can reduce rates by 0.125% to 0.25% per point. Refinancing remains viable for those with rates above 7% from previous years, potentially saving thousands annually.

Looking ahead, mortgage rates could trend downward if economic data continues to soften. However, geopolitical tensions and energy prices pose upside risks. Homebuyers should monitor weekly updates, as even small changes can impact affordability. For instance, a 0.1% rate drop on a $400,000 loan saves about $25 monthly on a 30-year term.

In Alaska and Hawaii, rates reflect unique geographies. Alaska's 30-year fixed averages 6.55%, influenced by remote access and energy sectors. Hawaii averages 6.62%, the highest nationally, due to island premiums and tourism-driven demand.

This snapshot underscores the importance of localized research. Whether you're in a bustling metropolis or a quiet suburb, understanding state-specific rates empowers better financial decisions. As the market adapts to 2025's economic landscape, staying informed is key to navigating mortgage opportunities effectively.

(Word count: 1,028)

Read the Full Investopedia Article at:
[ https://www.investopedia.com/todays-mortgage-rates-by-state-july-29-2025-11780904 ]