The states with the cheapest 30-year refinance rates Wednesday were New York, California, Connecticut, Washington, Virginia, Colorado, Florida, and Texas. These low-rate states registered refi averages between 6.90% and 7.04%.
Meanwhile, the states with Wednesday’s most expensive 30-year refinance rates were Alaska, Hawaii, Montana, North Dakota, West Virginia, Wyoming, and Kentucky. These high-rate states registered refi averages between 7.16% and 7.19%.
Mortgage refinance 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.
National Mortgage Refinance Rate Averages
Rates for 30-year refinance mortgages have fallen for three days straight, completely reversing last week’s surge. Sliding another 5 basis points, the Wednesday average is 7.09%—an improvement vs. the 7.32% May peak that was a 10-month high.
Back in March, however, rates plunged to a 6.71% average—their cheapest 2025 mark. And last September, 30-year refinance rates sank to a two-year low of 6.01%.
The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate you ultimately secure will be based on factors like your credit score, income, and more, so it can vary from the averages you see here.
Calculate monthly payments for different loan scenarios with our Mortgage Calculator.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as:
The level and direction of the bond market, especially 10-year Treasury yields
The Federal Reserve’s current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
Competition between mortgage lenders and across loan types
Because any number of these can cause fluctuations simultaneously, it’s generally difficult to attribute any change to any one factor.
Macroeconomic factors kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic’s economic pressures. This bond-buying policy is a major influencer of mortgage rates.
But starting in November 2021, the Fed began tapering its bond purchases downward, making sizable monthly reductions until reaching net zero in March 2022.
Between that time and July 2023, the Fed aggressively raised the federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortgage rates, it doesn’t directly do so. In fact, the fed funds rate and mortgage rates can move in opposite directions.
But given the historic speed and magnitude of the Fed’s 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.
The Fed maintained the federal funds rate at its peak level for almost 14 months, beginning in July 2023. But in September, the central bank announced a first rate cut of 0.50 percentage points, and then followed that with quarter-point reductions on November and December.
For its third meeting of the new year, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. With a total of eight rate-setting meetings scheduled per year, that means we could see multiple rate-hold announcements in 2025.
Several analysts raised their price targets for Oracle stock after the company delivered higher-than-expected revenue growth estimates.
Oracle expects cloud infrastructure growth to increase from 50% last fiscal year to more than 70%.
Deutsche Bank called Oracle’s results a “watershed cloud moment.”
Oracle (ORCL) is calling its shot. The cloud computing giant said it expects “dramatically higher” revenue growth in its current fiscal year, prompting several analysts to lift their price targets.
KeyBanc said Oracle’s growth projections were “stunning” in a note to clients following the company’s quarterly results and raising its price target to $225 from $200. The bank pointed to comments from CEO Safra Catz that Oracle expects cloud infrastructure growth to increase from 50% in fiscal 2025 to more than 70% in fiscal 2026. Catz also called for a doubling in remaining performance obligations, a measure of revenue from contracts that has yet to be realized.
Deutsche Bank went even further, moving from $200 to $240 and calling Oracle’s results a “watershed cloud moment.” UBS meanwhile raised its target to $225 and Jefferies moved to $220, both from $200.
“Oracle is clearly winning on several fronts, most of which we believe is still largely under appreciated,” Deutsche Bank said.
Shares of Oracle soared 15% in recent trading, leading all S&P 500 gainers. The stock has risen 21% in 2025.
Humanity could be close to successfully building an artificial super intelligence, according to Sam Altman, the CEO of OpenAI and one of the faces of the AI boom.
“In some big sense, ChatGPT is already more powerful than any human who has ever lived,” Altman wrote in a blog post Wednesday.
OpenAI backer Microsoft and its rivals are investing billions of dollars into AI and jockeying for users in what is becoming a more crowded landscape.
Humanity could be close to successfully building an artificial super intelligence, according to Sam Altman, the CEO of ChatGPT maker OpenAI and one of the faces of the AI boom.
“Robots are not yet walking the streets,” Altman wrote in a blog post late Wednesday, but said “in some big sense, ChatGPT is already more powerful than any human who has ever lived.”
Hundreds of millions of people use AI chatbots every day, Altman said. And companies are investing billions of dollars in AI and jockeying for users in what is quickly becoming a more crowded landscape.
OpenAI, backed by Microsoft (MSFT), wants to build “a new generation of AI-powered computers,” and last month announced a $6.5 billion acquisition deal with that goal in mind. Meanwhile, Google parent Alphabet (GOOGL), Apple (AAPL), Meta (META), and others are rolling out new tools that integrate AI more deeply into their users’ daily lives.
“The 2030s are likely going to be wildly different from any time that has come before,” Altman said. “We do not know how far beyond human-level intelligence we can go, but we are about to find out.”
Eventually, there could be robots capable of building other robots designed for tasks in the physical world, Altman suggested.
In his blog post, Altman said he expects there could be “whole classes of jobs going away” as the technology develops, but that he believes “people are capable of adapting to almost anything” and that the rapid pace of technological progress could lead to policy changes.
But ultimately, “in the most important ways, the 2030s may not be wildly different,” Altman said, adding “people will still love their families, express their creativity, play games, and swim in lakes.”
Oklo is poised to be a “clear leader” of the coming boom in demand for clean energy like nuclear, Wedbush analysts wrote Thursday.
The nuclear energy startup won a contract to build a small “powerhouse” reactor to supply power to an Air Force base on Wednesday.
Oklo is “in a great position to capitalize” on rising demand for nuclear energy to power a growing number of data centers as well, the analysts wrote.
After Oklo (OKLO) won a Department of Defense contract on Wednesday to supply power to an Air Force base in Alaska, analysts from Wedbush said the nuclear energy startup is set to be a “clear leader” as demand for nuclear energy increases.
The analysts lifted their price target to $75 from $55 previously, as they said the nuclear energy industry recently got a “significant tailwind” from President Donald Trump’s executive orders signed last month.
“The AI Revolution is driving significant demand for clean energy to power AI initiatives with necessary computing power expected to grow 10x by 2030,” the analysts wrote. They said Oklo is “in a great position to capitalize on this elevated demand and differentiate itself from competition with its attractive build, own, and operate business model.”
The Wedbush analysts said that Wednesday’s announcement provides another avenue for Oklo to generate revenue, as the Department of Defense could give the company future contracts for its smaller “powerhouse” reactors to power other military bases as it looks to quadruple nuclear energy production.
After a nearly 30% rally to a record close of $68.03 on Wednesday, Oklo shares were little changed on Thursday. They have more than tripled since the start of the year.
Oracle (ORCL) was the best-performing stock in the S&P 500 after the computer software manufacturer beat profit and sales estimates and said it sees demand for its cloud infrastructure products soaring.
Shares of CureVac (CVAC) took off after the biotech company was purchased by COVID-19 vaccine maker and fellow German firm BioNTech (BNTX) in an all-stock deal valued at about $1.25 billion. BioNTech American Depositary Receipts (ADRs) were little changed.
Shares of Newmont (NEM) and rival gold miners gained along with the price of the precious metal, which traded around at its highest level in more than a month on optimism about interest rate cuts.
Boeing (BA) shares slumped after one of the plane maker’s 787 passenger jets crashed in India, killing more than 200 people.
Shares of Tommy Bahama owner Oxford Industries (OXM) sank when the apparel maker cut its guidance and warned tumbling consumer sentiment and tariffs will hurt results.
GameStop (GME) shares plunged after the video-game retailer announced it would offer $1.75 billion in convertible bonds for sale.
Oil futures were little changed. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Last week’s reading edged 4 basis points lower to 6.85%. Last September, the average sank as far as 6.08%. But back in October 2023, Freddie Mac’s average saw a historic rise, surging to a 23-year peak of 7.79%.
Freddie Mac’s average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. In contrast, our Investopedia 30-year average is a daily reading, offering a more precise and timely indicator of rate movement. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac’s methodology and our own.
Calculate monthly payments for different loan scenarios with our Mortgage Calculator.
Important
The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate you ultimately secure will be based on factors like your credit score, income, and more, so it can vary from the averages you see here.
What Causes Mortgage Rates to Rise or Fall?
Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as:
The level and direction of the bond market, especially 10-year Treasury yields
The Federal Reserve’s current monetary policy, especially as it relates to bond buying and funding government-backed mortgages
Competition between mortgage lenders and across loan types
Because any number of these can cause fluctuations simultaneously, it’s generally difficult to attribute the change to any one factor.
Macroeconomic factors kept the mortgage market relatively low for much of 2021. In particular, the Federal Reserve had been buying billions of dollars of bonds in response to the pandemic’s economic pressures. This bond-buying policy is a major influencer of mortgage rates.
But starting in November 2021, the Fed began tapering its bond purchases downward, making sizable reductions each month until reaching net zero in March 2022.
Between that time and July 2023, the Fed aggressively raised the federal funds rate to fight decades-high inflation. While the fed funds rate can influence mortgage rates, it doesn’t directly do so. In fact, the fed funds rate and mortgage rates can move in opposite directions.
But given the historic speed and magnitude of the Fed’s 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.
The Fed maintained the federal funds rate at its peak level for almost 14 months, beginning in July 2023. But in September, the central bank announced a first rate cut of 0.50 percentage points, and then followed that with quarter-point reductions in November and December.
For its third meeting of 2025, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. At their March 19 meeting, the Fed released its quarterly rate forecast, which showed that, at that time, the central bankers’ median expectation for the rest of the year was just two quarter-point rate cuts. With five more rate-setting meetings scheduled this year, that means we could see more rate-hold announcements in 2025.
The Producer Price Index showed that wholesale prices rose by 0.1% in May, less than economists expected, while annual wholesale price increases were in line with estimates.
A consumer inflation report yesterday also showed prices weren’t rising as fast as expected in response to President Donald Trump’s tariff policies.
Economists did see some signals of increased inflation in the report, especially in rising prices for appliances, computer equipment, machinery, and vehicle wholesaling.
Economists are expecting a jump in inflation from President Donald Trump’s tariff policies, but once again it failed to show up in the latest pricing data.
Prices at the wholesale level came in lower than expected in May. That comes after yesterday’s consumer pricing data also failed to reveal an expected jump in inflation.
The Bureau of Labor Statistics’ Producer Price Index (PPI) showed prices rose 0.1% in May from April. Economists surveyed by The Wall Street Journal and Dow Jones Newswires expected a larger increase of 0.2%. The April reading showed wholesale prices were down 0.2% from the prior month.
On an annual basis, wholesale prices in May grew by 2.6%, in line with projections by Wells Fargo economists and an increase from last month’s reading of 2.4%. Core wholesale inflation, which takes out volatile food and fuel prices, also increased less than expected in May.
“Concerns about widespread increases in producer prices due to tariffs continue to be dissuaded. Cheaper costs for diesel and jet fuel helped to mute the headline gains with total intermediate goods only up modestly in May,” Nationwide Senior Economist Ben Ayers wrote.
Signals of Higher Tariffs Costs Show Up in Some Products
While price pressures continue to remain tame, economists said the report did show signs that inflation is working its way through the system following the implementation of U.S. tariffs.
The report noted that prices for machinery and vehicle wholesaling jumped 2.9%, while appliances and computer equipment costs also rose in May.
“The softer headline gain for the PPI in May hides much of the underlying cost pressures faced by producers. Tariff impacts are steadily flowing into prices for inputs, especially for metals, which is raising production costs for machinery and vehicles,” Ayers added.
BioNTech is buying fellow German firm CureVac for approximately $1.25 billion as the COVID-19 vaccine maker moves to expand into cancer treatments.
For each CureVac share they own, investors will get about $5.46 worth of BioNTech American Depositary Shares.
CureVac is developing cancer medicines using the same mRNA technology that BioNTech uses for its COVID-19 shot.
CureVac (CVAC) shares skyrocketed 37% Thursday when the biotech company agreed to be bought by COVID-19 vaccine maker and fellow German firm BioNTech (BNTX) in an all-stock deal valued at about $1.25 billion. The purchase boosts BioNTech’s move into producing new cancer treatments.
CureVac said its investors will receive approximately $5.46 worth of BioNTech American Depositary Shares for each CureVac share they own. That a 34% premium to yesterday’s closing price.
The company noted it is “developing a novel class of transformative medicines in oncology and infectious diseases based on messenger ribonucleic acid (“mRNA”).” BioNTech’s COVID-19 shot is also mRNA-based.
BioNTech co-founder and CEO Dr. Ugur Sahin said the deal is aimed at “advancing the development of innovative and transformative cancer treatments and establishing new standards of care for various types of cancer in the coming years.”
The transaction is expected to close this year and would see CureVac’s operating subsidiary become a wholly owned subsidiary of BioNTech.
Shares of CureVac soared to their highest level since December 2023. U.S.-listed shares of BioNTech were little changed and remain down nearly 8% year-to-date.
Boeing shares are slumping in early trading after a 787-8 aircraft was involved in an Air India plane crash early Thursday.
Air India Flight 171, carrying 242 passengers, was departing the western Indian city of Ahmedabad for London Gatwick airport and crashed “after take off,” Air India said.
Shares in engine maker GE Aerospace and Spirit AeroSystems are also dropping.
Boeing (BA) shares are slumping in early trading after a 787-8 aircraft was involved in an Air India plane crash early Thursday.
The Air India Flight 171, which was carrying 242 passengers, was departing the western Indian city of Ahmedabad for London Gatwick airport and crashed “after take off,” Air India said in a post on the X social media platform. It departed the Indian city at 1:38 p.m. local time, the airline said.
“We are in contact with Air India regarding Flight 171 and stand ready to support them. Our thoughts are with the passengers, crew, first responders and all affected,” a Boeing spokesperson said in a statement to Investopedia.
GE Aerospace, which provides engines for many Boeing aircraft, including the 787, said it is ready to support the crash probe.
“We have activated our emergency response team, and we are prepared to support our customer and the investigation,” the company said in a post on X.
Ahmedabad’s Police Commissioner G.S. Malik told The Associated Press that there were few signs of surviving passengers, noting that “it appears there are no survivors in the plane crash.”
The 787 model, popularly known as the Dreamliner, hadn’t had a fatal accident in its nearly 14 years in service, according to The Wall Street Journal.
Boeing’s reputation took a hit last year following a series of mishaps at its planes, including a door plug detaching in midair on an Alaska Airlines 737 Max 9 flight in January. Earlier this month, the plane maker agreed to settle a Justice Department case related to two fatal 737 Max crashes that claimed the lives of more than 300 people.
Boeing was the biggest decliner in the S&P 500 at the open Thursday, with shares falling more than 4%. Shares in other makers of Dreamliner parts also tumbled: Engine maker GE Aerospace (GE) shares are down 3%, and those of Spirit AeroSystems Holdings (SPR), which Boeing is in the process of reacquiring, are down 3%.
UPDATE—June 12, 2025: This article has been updated to include a comment from the Ahmedabad police commissioner and the latest share price information.
GameStop shares are dropping 17% in premarket trading Thursday, extending a post-earnings slide.
After the bell Wednesday, the video-game retailer announced a $1.75 billion convertible note offering. Shares fell more than 5% yesterday after GameStop reported a 17% year-over-year decline in first-quarter sales.
The retailer said last month that it had bought over 4,700 bitcoin.
The company late yesterday said it was planning to offer $1.75 billion in convertible notes, with another $250 million open to those who buy in first. The announcement came a day after GameStop reported a 17% year-over-year decline in first-quarter sales, which caused shares to fall more than 5% in Wednesday trading.
The new convertible note offering aligns with the retailer’s previously stated plans to raise new money to allow it to buy bitcoin, after adding the cryptocurrency to its corporate investment policy in March.
Last month, GameStop disclosed that it had purchased 4,710 bitcoin, worth slightly more than $500 million at the cryptocurrency’s current price of roughly $107,000. GameStop said it plans to use the new funds for “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions.”
GameStop shares entered Thursday down about 9% since the start of the year.
