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The states with the cheapest 30-year new purchase mortgage rates Thursday were New York, California, North Carolina, Texas, Colorado, Washington, and Florida. These seven lowest-rate states registered averages between 6.78% and 6.98%.

Meanwhile, the states with Thursday's most expensive 30-year rates were Alaska, West Virginia, New Mexico, Mississippi, Montana, North Dakota, and Washington, D.C. The range of averages for these pricier states was 7.07% to 7.11%.

Mortgage rates vary by the state where they originate. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. Lenders also have varying risk management strategies that influence the rates they offer.

Since rates vary widely across lenders, it's always smart to shop around for your best mortgage option and compare rates regularly, no matter the type of home loan you seek.

Rates on 30-year new purchase mortgages fell 8 basis points Thursday. The current average of 7.00% is an improvement vs. last week's 7.15% reading, which was the flagship average's highest level since May 2024.

In March, however, 30-year rates sank to 6.50%, their cheapest average of 2025. And in September, 30-year rates plunged to a two-year low of 5.89%.