Refinance rates fell again on Wednesday, with the national average for a 30 year fixed refinance dropping 2 basis points to 6.99%, pulling the rate back under the psychologically important 7% line after Tuesday's 5 point decline.
Where Refinancing Costs Least, and Most
Borrowers in New York, California, North Carolina, Washington, Oregon, Florida, Minnesota and Tennessee got the best deal on Wednesday, with average 30 year refi rates ranging from 6.77% to 6.95%. That is a meaningful spread from the priciest tier, where West Virginia, Hawaii, Alaska, Iowa and Nebraska led a group of high rate states (Arizona and Illinois among them) posting averages between 7.04% and 7.10%.
The gap, roughly a third of a percentage point between the cheapest and most expensive clusters, is a reminder that the