Markets
Visualizing $97 Trillion of Global Debt in 2023
Visualizing $97 Trillion of Government Debt in 2023
Global government debt is projected to hit $97.1 trillion this year, a 40% increase since 2019.
During the COVID-19 pandemic, governments introduced sweeping financial measures to support the job market and prevent a wave of bankruptcies. However, this has exposed vulnerabilities as higher interest rates are amplifying borrowing costs.
This graphic shows global debt by country in 2023, based on projections from the International Monetary Fund (IMF).
Debt by Country in 2023
Below, we rank countries by their general government gross debt, or the financial liabilities owed by each country:
| Country | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| 🇺🇸 U.S. | $33,228.9 | 34.2% | 123.3% |
| 🇨🇳 China | $14,691.7 | 15.1% | 83.0% |
| 🇯🇵 Japan | $10,797.2 | 11.1% | 255.2% |
| 🇬🇧 UK | $3,468.7 | 3.6% | 104.1% |
| 🇫🇷 France | $3,353.9 | 3.5% | 110.0% |
| 🇮🇹 Italy | $3,141.4 | 3.2% | 143.7% |
| 🇮🇳 India | $3,056.7 | 3.1% | 81.9% |
| 🇩🇪 Germany | $2,919.3 | 3.0% | 65.9% |
| 🇨🇦 Canada | $2,253.3 | 2.3% | 106.4% |
| 🇧🇷 Brazil | $1,873.7 | 1.9% | 88.1% |
| 🇪🇸 Spain | $1,697.5 | 1.7% | 107.3% |
| 🇲🇽 Mexico | $954.6 | 1.0% | 52.7% |
| 🇰🇷 South Korea | $928.1 | 1.0% | 54.3% |
| 🇦🇺 Australia | $875.9 | 0.9% | 51.9% |
| 🇸🇬 Singapore | $835.0 | 0.9% | 167.9% |
| 🇧🇪 Belgium | $665.2 | 0.7% | 106.0% |
| 🇦🇷 Argentina | $556.5 | 0.6% | 89.5% |
| 🇮🇩 Indonesia | $552.8 | 0.6% | 39.0% |
| 🇳🇱 Netherlands | $540.9 | 0.6% | 49.5% |
| 🇵🇱 Poland | $419.4 | 0.4% | 49.8% |
| 🇬🇷 Greece | $407.2 | 0.4% | 168.0% |
| 🇹🇷 Türkiye | $397.2 | 0.4% | 34.4% |
| 🇷🇺 Russia | $394.8 | 0.4% | 21.2% |
| 🇦🇹 Austria | $393.6 | 0.4% | 74.8% |
| 🇪🇬 Egypt | $369.3 | 0.4% | 92.7% |
| 🇨🇭 Switzerland | $357.7 | 0.4% | 39.5% |
| 🇹🇭 Thailand | $314.5 | 0.3% | 61.4% |
| 🇮🇱 Israel | $303.6 | 0.3% | 58.2% |
| 🇵🇹 Portugal | $299.4 | 0.3% | 108.3% |
| 🇲🇾 Malaysia | $288.3 | 0.3% | 66.9% |
| 🇿🇦 South Africa | $280.7 | 0.3% | 73.7% |
| 🇵🇰 Pakistan | $260.9 | 0.3% | 76.6% |
| 🇸🇦 Saudi Arabia | $257.7 | 0.3% | 24.1% |
| 🇮🇪 Ireland | $251.7 | 0.3% | 42.7% |
| 🇵🇭 Philippines | $250.9 | 0.3% | 57.6% |
| 🇫🇮 Finland | $225.0 | 0.2% | 73.6% |
| 🇳🇴 Norway | $204.5 | 0.2% | 37.4% |
| 🇨🇴 Colombia | $200.1 | 0.2% | 55.0% |
| 🇹🇼 Taiwan | $200.0 | 0.2% | 26.6% |
| 🇸🇪 Sweden | $192.9 | 0.2% | 32.3% |
| 🇷🇴 Romania | $178.7 | 0.2% | 51.0% |
| 🇧🇩 Bangladesh | $175.9 | 0.2% | 39.4% |
| 🇺🇦 Ukraine | $152.8 | 0.2% | 88.1% |
| 🇨🇿 Czech Republic | $152.2 | 0.2% | 45.4% |
| 🇳🇬 Nigeria | $151.3 | 0.2% | 38.8% |
| 🇦🇪 UAE | $149.7 | 0.2% | 29.4% |
| 🇻🇳 Vietnam | $147.3 | 0.2% | 34.0% |
| 🇭🇺 Hungary | $140.0 | 0.1% | 68.7% |
| 🇨🇱 Chile | $132.2 | 0.1% | 38.4% |
| 🇩🇰 Denmark | $126.7 | 0.1% | 30.1% |
| 🇮🇶 Iraq | $125.5 | 0.1% | 49.2% |
| 🇩🇿 Algeria | $123.5 | 0.1% | 55.1% |
| 🇳🇿 New Zealand | $115.0 | 0.1% | 46.1% |
| 🇮🇷 Iran | $112.1 | 0.1% | 30.6% |
| 🇲🇦 Morocco | $102.7 | 0.1% | 69.7% |
| 🇶🇦 Qatar | $97.5 | 0.1% | 41.4% |
| 🇵🇪 Peru | $89.7 | 0.1% | 33.9% |
| 🇦🇴 Angola | $79.6 | 0.1% | 84.9% |
| 🇰🇪 Kenya | $79.1 | 0.1% | 70.2% |
| 🇸🇰 Slovakia | $75.4 | 0.1% | 56.7% |
| 🇩🇴 Dominican Republic | $72.1 | 0.1% | 59.8% |
| 🇪🇨 Ecuador | $65.9 | 0.1% | 55.5% |
| 🇸🇩 Sudan | $65.5 | 0.1% | 256.0% |
| 🇬🇭 Ghana | $65.1 | 0.1% | 84.9% |
| 🇰🇿 Kazakhstan | $60.7 | 0.1% | 23.4% |
| 🇪🇹 Ethiopia | $59.0 | 0.1% | 37.9% |
| 🇧🇭 Bahrain | $54.5 | 0.1% | 121.2% |
| 🇨🇷 Costa Rica | $53.9 | 0.1% | 63.0% |
| 🇭🇷 Croatia | $51.2 | 0.1% | 63.8% |
| 🇺🇾 Uruguay | $47.0 | 0.0% | 61.6% |
| 🇯🇴 Jordan | $46.9 | 0.0% | 93.8% |
| 🇸🇮 Slovenia | $46.8 | 0.0% | 68.5% |
| 🇨🇮 Côte d'Ivoire | $45.1 | 0.0% | 56.8% |
| 🇵🇦 Panama | $43.5 | 0.0% | 52.8% |
| 🇲🇲 Myanmar | $43.0 | 0.0% | 57.5% |
| 🇴🇲 Oman | $41.4 | 0.0% | 38.2% |
| 🇹🇳 Tunisia | $39.9 | 0.0% | 77.8% |
| 🇷🇸 Serbia | $38.5 | 0.0% | 51.3% |
| 🇧🇴 Bolivia | $37.8 | 0.0% | 80.8% |
| 🇹🇿 Tanzania | $35.8 | 0.0% | 42.6% |
| 🇺🇿 Uzbekistan | $31.7 | 0.0% | 35.1% |
| 🇿🇼 Zimbabwe | $30.9 | 0.0% | 95.4% |
| 🇧🇾 Belarus | $30.4 | 0.0% | 44.1% |
| 🇬🇹 Guatemala | $29.1 | 0.0% | 28.3% |
| 🇱🇹 Lithuania | $28.7 | 0.0% | 36.1% |
| 🇸🇻 El Salvador | $25.8 | 0.0% | 73.0% |
| 🇺🇬 Uganda | $25.3 | 0.0% | 48.3% |
| 🇸🇳 Senegal | $25.2 | 0.0% | 81.0% |
| 🇨🇾 Cyprus | $25.2 | 0.0% | 78.6% |
| 🇱🇺 Luxembourg | $24.6 | 0.0% | 27.6% |
| 🇭🇰 Hong Kong SAR | $23.5 | 0.0% | 6.1% |
| 🇧🇬 Bulgaria | $21.7 | 0.0% | 21.0% |
| 🇨🇲 Cameroon | $20.6 | 0.0% | 41.9% |
| 🇲🇿 Mozambique | $19.7 | 0.0% | 89.7% |
| 🇵🇷 Puerto Rico | $19.6 | 0.0% | 16.7% |
| 🇳🇵 Nepal | $19.3 | 0.0% | 46.7% |
| 🇱🇻 Latvia | $18.9 | 0.0% | 40.6% |
| 🇮🇸 Iceland | $18.7 | 0.0% | 61.2% |
| 🇵🇾 Paraguay | $18.1 | 0.0% | 40.9% |
| 🇱🇦 Lao P.D.R. | $17.3 | 0.0% | 121.7% |
| 🇭🇳 Honduras | $15.7 | 0.0% | 46.3% |
| 🇵🇬 Papua New Guinea | $15.7 | 0.0% | 49.5% |
| 🇹🇹 Trinidad and Tobago | $14.6 | 0.0% | 52.5% |
| 🇦🇱 Albania | $14.5 | 0.0% | 62.9% |
| 🇨🇬 Republic of Congo | $14.1 | 0.0% | 97.8% |
| 🇦🇿 Azerbaijan | $14.1 | 0.0% | 18.2% |
| 🇾🇪 Yemen | $14.0 | 0.0% | 66.4% |
| 🇯🇲 Jamaica | $13.6 | 0.0% | 72.3% |
| 🇲🇳 Mongolia | $13.1 | 0.0% | 69.9% |
| 🇧🇫 Burkina Faso | $12.7 | 0.0% | 61.2% |
| 🇬🇦 Gabon | $12.5 | 0.0% | 64.9% |
| 🇬🇪 Georgia | $11.9 | 0.0% | 39.6% |
| 🇲🇺 Mauritius | $11.8 | 0.0% | 79.7% |
| 🇦🇲 Armenia | $11.8 | 0.0% | 47.9% |
| 🇧🇸 Bahamas | $11.7 | 0.0% | 84.2% |
| 🇲🇱 Mali | $11.0 | 0.0% | 51.8% |
| 🇲🇹 Malta | $11.0 | 0.0% | 54.1% |
| 🇰🇭 Cambodia | $10.9 | 0.0% | 35.3% |
| 🇧🇯 Benin | $10.6 | 0.0% | 53.0% |
| 🇲🇼 Malawi | $10.4 | 0.0% | 78.6% |
| 🇪🇪 Estonia | $9.0 | 0.0% | 21.6% |
| 🇨🇩 Democratic Republic of Congo | $9.0 | 0.0% | 13.3% |
| 🇷🇼 Rwanda | $8.8 | 0.0% | 63.3% |
| 🇳🇦 Namibia | $8.5 | 0.0% | 67.6% |
| 🇲🇬 Madagascar | $8.5 | 0.0% | 54.0% |
| 🇳🇪 Niger | $8.3 | 0.0% | 48.7% |
| 🇲🇰 North Macedonia | $8.2 | 0.0% | 51.6% |
| 🇧🇦 Bosnia and Herzegovina | $7.7 | 0.0% | 28.6% |
| 🇲🇻 Maldives | $7.7 | 0.0% | 110.3% |
| 🇬🇳 Guinea | $7.3 | 0.0% | 31.6% |
| 🇳🇮 Nicaragua | $7.2 | 0.0% | 41.5% |
| 🇧🇧 Barbados | $7.2 | 0.0% | 115.0% |
| 🇹🇬 Togo | $6.1 | 0.0% | 67.2% |
| 🇰🇬 Kyrgyz Republic | $6.0 | 0.0% | 47.0% |
| 🇲🇩 Moldova | $5.6 | 0.0% | 35.1% |
| 🇹🇩 Chad | $5.4 | 0.0% | 43.2% |
| 🇰🇼 Kuwait | $5.4 | 0.0% | 3.4% |
| 🇲🇷 Mauritania | $5.1 | 0.0% | 49.5% |
| 🇭🇹 Haiti | $5.1 | 0.0% | 19.6% |
| 🇬🇾 Guyana | $4.9 | 0.0% | 29.9% |
| 🇲🇪 Montenegro | $4.6 | 0.0% | 65.8% |
| 🇫🇯 Fiji | $4.6 | 0.0% | 83.6% |
| 🇹🇲 Turkmenistan | $4.2 | 0.0% | 5.1% |
| 🇹🇯 Tajikistan | $4.0 | 0.0% | 33.5% |
| 🇧🇼 Botswana | $3.9 | 0.0% | 18.7% |
| 🇬🇶 Equatorial Guinea | $3.8 | 0.0% | 38.3% |
| 🇸🇷 Suriname | $3.8 | 0.0% | 107.0% |
| 🇸🇸 South Sudan | $3.8 | 0.0% | 60.4% |
| 🇧🇹 Bhutan | $3.3 | 0.0% | 123.4% |
| 🇦🇼 Aruba | $3.2 | 0.0% | 82.9% |
| 🇸🇱 Sierra Leone | $3.1 | 0.0% | 88.9% |
| 🇨🇻 Cabo Verde | $2.9 | 0.0% | 113.1% |
| 🇧🇮 Burundi | $2.3 | 0.0% | 72.7% |
| 🇱🇷 Liberia | $2.3 | 0.0% | 52.3% |
| 🇽🇰 Kosovo | $2.2 | 0.0% | 21.3% |
| 🇸🇿 Eswatini | $2.0 | 0.0% | 42.4% |
| 🇧🇿 Belize | $1.9 | 0.0% | 59.3% |
| 🇱🇨 Saint Lucia | $1.8 | 0.0% | 74.2% |
| 🇬🇲 Gambia | $1.7 | 0.0% | 72.3% |
| 🇩🇯 Djibouti | $1.6 | 0.0% | 41.8% |
| 🇦🇬 Antigua and Barbuda | $1.6 | 0.0% | 80.5% |
| 🇸🇲 San Marino | $1.5 | 0.0% | 74.0% |
| 🇬🇼 Guinea-Bissau | $1.5 | 0.0% | 73.9% |
| 🇱🇸 Lesotho | $1.5 | 0.0% | 61.3% |
| 🇦🇩 Andorra | $1.4 | 0.0% | 37.7% |
| 🇨🇫 Central African Republic | $1.4 | 0.0% | 50.1% |
| 🇸🇨 Seychelles | $1.3 | 0.0% | 60.8% |
| 🇻🇨 Saint Vincent and the Grenadines | $0.9 | 0.0% | 86.2% |
| 🇬🇩 Grenada | $0.8 | 0.0% | 60.2% |
| 🇩🇲 Dominica | $0.7 | 0.0% | 93.9% |
| 🇰🇳 Saint Kitts and Nevis | $0.6 | 0.0% | 53.2% |
| 🇻🇺 Vanuatu | $0.5 | 0.0% | 46.8% |
| 🇰🇲 Comoros | $0.5 | 0.0% | 33.3% |
| 🇸🇹 São Tomé and Príncipe | $0.4 | 0.0% | 58.5% |
| 🇸🇧 Solomon Islands | $0.4 | 0.0% | 22.2% |
| 🇧🇳 Brunei Darussalam | $0.3 | 0.0% | 2.3% |
| 🇼🇸 Samoa | $0.3 | 0.0% | 36.2% |
| 🇹🇱 Timor-Leste | $0.3 | 0.0% | 16.4% |
| 🇵🇼 Palau | $0.2 | 0.0% | 85.4% |
| 🇹🇴 Tonga | $0.2 | 0.0% | 41.1% |
| 🇫🇲 Micronesia | $0.1 | 0.0% | 12.5% |
| 🇲🇭 Marshall Islands | $0.1 | 0.0% | 18.1% |
| 🇳🇷 Nauru | <$0.1 | 0.0% | 29.1% |
| 🇰🇮 Kiribati | <$0.1 | 0.0% | 13.1% |
| 🇹🇻 Tuvalu | <$0.1 | 0.0% | 8.0% |
| 🇲🇴 Macao SAR | <$0.1 | 0.0% | 0.0% |
| 🌐 World | $97,129.8 | 100% | 93.0% |
With $33.2 trillion in government debt, the U.S. makes up over a third of the world total.
Given the increasing debt load, the cost of servicing this debt now accounts for 20% of government spending. It is projected to reach $1 trillion by 2028, surpassing the total spent on defense.
The world’s third-biggest economy, Japan, has one of the highest debt to GDP ratios, at 255%. Over the last two decades, its national debt has far exceeded 100% of its GDP, driven by an aging population and social security expenses.
In 2023, Egypt faces steep borrowing costs, with 40% of revenues going towards debt repayments. It has the highest debt on the continent.
Like Egypt, several emerging economies are facing strain. Lebanon has been in default since 2020, and Ghana defaulted on the majority of its external debt—debt owed to foreign lenders—in 2022 amid a deepening economic crisis.
Global Debt: A Regional Perspective
How does debt compare on a regional level in 2023?
| Region | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| North America | $36,451.8 | 37.5% | 117.6% |
| Asia and Pacific | $34,257.4 | 35.3% | 92.5% |
| Europe | $20,123.4 | 20.7% | 79.1% |
| South America | $3,164.9 | 3.3% | 77.2% |
| Africa | $1,863.6 | 1.9% | 65.2% |
| Other/Rest of World | $1,269.1 | 1.3% | 31.4% |
We can see that North America has both the highest debt and debt to GDP compared to other regions. Just as U.S. debt has ballooned, so has Canada’s—ranking as the 10th-highest globally in government debt outstanding.
Across Asia and the Pacific, debt levels hover close to North America.
At 3.3% of the global total, South America has $3.2 trillion in debt. As inflation has trended downwards, a handful of governments have already begun cutting interest rates. Overall, public debt levels are projected to stay elevated across the region.
Debt levels have also risen rapidly in Africa, with an average 40% of public debt held in foreign currencies—leaving it exposed to exchange rate fluctuations. Another challenge is that interest rates are also higher across the region compared to advanced economies, increasing debt-servicing costs.
By 2028, the IMF projects that global public debt will exceed 100% of GDP, hitting levels only seen during the pandemic.
Markets
Ranked: The World’s 50 Most Valuable Companies in October 2025
We visualized the world’s most valuable companies in Oct. 2025, led by Nvidia and the booming artificial intelligence industry.
Ranked: The World’s 50 Most Valuable Companies in October 2025
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Nvidia has pulled ahead of the rest of its Magnificent Seven peers, nearing an historic $5T valuation.
- Rival chipmaker AMD has surpassed $400B for the first time, riding off a series of catalysts including an OpenAI chip deal and a quantum computing deal with IBM.
The world’s most valuable companies have continued to grow larger in 2025, with the tech sector’s prevalence more profound than ever.
To see how things look as we approach the final two months of the year, we’ve ranked the top 50 companies by their market capitalization as of Oct. 24, sorted by industry.
Data & Discussion
The data for this visualization was sourced from CompaniesMarketCap, a simple and effective tool for tracking real-time market capitalization of publicly-traded firms.
| Name | Sector | Market Cap |
|---|---|---|
| 🇺🇸 Amazon | Consumer Discretionary | $2,391,180,000,000 |
| 🇺🇸 Tesla | Consumer Discretionary | $1,442,470,000,000 |
| 🇨🇳 Alibaba | Consumer Discretionary | $405,129,000,000 |
| 🇺🇸 Home Depot | Consumer Discretionary | $384,896,000,000 |
| 🇫🇷 LVMH | Consumer Discretionary | $355,009,000,000 |
| 🇫🇷 Hermès | Consumer Discretionary | $268,064,000,000 |
| 🇯🇵 Toyota | Consumer Discretionary | $267,678,000,000 |
| 🇺🇸 Walmart | Consumer Staples | $846,478,000,000 |
| 🇺🇸 Costco | Consumer Staples | $413,105,000,000 |
| 🇺🇸 Procter & Gamble | Consumer Staples | $356,901,000,000 |
| 🇺🇸 Coca-Cola | Consumer Staples | $299,892,000,000 |
| 🇨🇭 Nestlé | Consumer Staples | $259,050,000,000 |
| 🇸🇦 Saudi Aramco | Energy | $1,667,830,000,000 |
| 🇺🇸 Exxon Mobil | Energy | $491,936,000,000 |
| 🇺🇸 Chevron | Energy | $313,426,000,000 |
| 🇺🇸 Berkshire Hathaway | Financials | $1,061,810,000,000 |
| 🇺🇸 JPMorgan Chase | Financials | $817,858,000,000 |
| 🇺🇸 Visa | Financials | $674,244,000,000 |
| 🇺🇸 Mastercard | Financials | $518,604,000,000 |
| 🇺🇸 Bank of America | Financials | $385,308,000,000 |
| 🇨🇳 Agricultural Bank of China | Financials | $381,791,000,000 |
| 🇨🇳 ICBC | Financials | $364,370,000,000 |
| 🇳🇱 Prosus | Financials | $302,205,000,000 |
| 🇺🇸 Wells Fargo | Financials | $272,100,000,000 |
| 🇨🇳 China Construction Bank | Financials | $271,816,000,000 |
| 🇺🇸 Morgan Stanley | Financials | $260,701,000,000 |
| 🇺🇸 Eli Lilly | Health Care | $739,980,000,000 |
| 🇺🇸 Johnson & Johnson | Health Care | $458,730,000,000 |
| 🇺🇸 AbbVie | Health Care | $402,758,000,000 |
| 🇺🇸 UnitedHealth | Health Care | $328,307,000,000 |
| 🇨🇭 Roche | Health Care | $272,998,000,000 |
| 🇬🇧 AstraZeneca | Health Care | $259,460,000,000 |
| 🇺🇸 General Electric | Industrials | $320,526,000,000 |
| 🇺🇸 NVIDIA | Technology | $4,534,870,000,000 |
| 🇺🇸 Apple | Technology | $3,900,350,000,000 |
| 🇺🇸 Microsoft | Technology | $3,892,040,000,000 |
| 🇺🇸 Alphabet | Technology | $3,146,160,000,000 |
| 🇺🇸 Meta | Technology | $1,854,860,000,000 |
| 🇺🇸 Broadcom | Technology | $1,672,330,000,000 |
| 🇹🇼 TSMC | Technology | $1,529,820,000,000 |
| 🇺🇸 Oracle | Technology | $807,715,000,000 |
| 🇨🇳 Tencent | Technology | $744,318,000,000 |
| 🇺🇸 Netflix | Technology | $463,856,000,000 |
| 🇺🇸 Palantir | Technology | $438,006,000,000 |
| 🇰🇷 Samsung | Technology | $437,015,000,000 |
| 🇺🇸 AMD | Technology | $410,450,000,000 |
| 🇳🇱 ASML | Technology | $400,995,000,000 |
| 🇩🇪 SAP | Technology | $313,919,000,000 |
| 🇺🇸 IBM | Technology | $286,405,000,000 |
| 🇺🇸 Cisco | Technology | $279,214,000,000 |
Nvidia’s Rise to $4.5 Trillion
Nvidia leads the world with a staggering valuation of $4.53 trillion, surpassing both Apple ($3.9 trillion) and Microsoft ($3.89 trillion).
Nvidia GPUs remain the backbone of AI model training, with customers like OpenAI committing billions of dollars to buy its chips.
Nvidia has also committed to investing $100 billion in OpenAI to build more data centers, raising concerns about the circular nature of recent deals between major AI players.
OpenAI is currently the world’s most valuable private tech company, valued at $500 billion.
AI is Everywhere
The AI craze is creating many more winners than just Nvidia.
For example, in early October, AMD and OpenAI announced a strategic partnership to deploy 6 gigawatts of AMD GPUs. A week later, OpenAI followed up with a strategic collaboration with Broadcom to deploy 10 gigawatts of custom AI chips.
Broadcom shares are up 56% year to date, while AMD has rocketed 115% (its shares climbed 43% the week of the OpenAI announcement).
On the software side, Palantir has quickly risen to become the world’s 45th most valuable company, setting record-breaking P/E and P/S ratios along the way. The firms develops AI platforms that digest vast amounts of data to make predictive insights.
Palantir has been the best-performing S&P 500 stock since its addition to the index in September 2024, and has climbed 1,956% since its October 2020 IPO.
Learn More on the Voronoi App 
If you enjoyed today’s post, check out Average S&P 500 Returns by Zodiac Year on Voronoi, the new app from Visual Capitalist.
Markets
Mapped: Average Mortgage Rates Across the U.S. in 2025
New Jersey tops the nation with the highest average mortgage rate.
Mapped: The Average Home Mortgage Across U.S. States in 2025
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- New Jersey tops the nation with the highest average mortgage rate (6.85%) in Q2 2025.
- Alabama saw the largest quarter-over-quarter decrease in average mortgage rates (−16.7%).
After two years of high borrowing costs, mortgage rates eased in Q2 2025 across most U.S. states. Still, buying a home remains difficult. The median age of homebuyers has climbed from 30 in 2010 to a record 38 in 2024, showing that more Americans are entering the housing market later in life.
In this map, we chart the average home mortgage rate by state, based on data from WalletHub.
New Jersey Leads
At 6.85%, New Jersey has the highest average rate in Q2 2025. This lines up with its expensive housing market and one of the highest property tax burdens in the country. Nearby high-cost states like Connecticut (6.48%) and New York (6.25%) also sit near the top.
| State | Average Rate (Q2 2025) | Change (Q1-Q2 2025) |
|---|---|---|
| New Jersey | 6.85% | -8.86% |
| Nebraska | 6.50% | -14.20% |
| Connecticut | 6.48% | -9.30% |
| Texas | 6.44% | -7.71% |
| New Hampshire | 6.37% | -10.36% |
| Kansas | 6.35% | -13.58% |
| New York | 6.25% | -9.05% |
| Florida | 6.20% | -10.45% |
| Illinois | 6.20% | -10.82% |
| Louisiana | 5.96% | -14.88% |
| Oklahoma | 5.90% | -13.45% |
| Rhode Island | 5.78% | -9.87% |
| Massachusetts | 5.73% | -9.07% |
| Georgia | 5.67% | -10.62% |
| South Dakota | 5.59% | -12.85% |
| Minnesota | 5.58% | -10.72% |
| Ohio | 5.54% | -15.91% |
| Maryland | 5.51% | -11.12% |
| Missouri | 5.51% | -14.13% |
| Pennsylvania | 5.47% | -13.28% |
| Iowa | 5.46% | -16.35% |
| Montana | 5.38% | -12.52% |
| Vermont | 5.38% | -6.73% |
| Michigan | 5.37% | -12.95% |
| Mississippi | 5.35% | -16.47% |
| Washington | 5.34% | -10.30% |
| Colorado | 5.27% | -10.52% |
| North Dakota | 5.16% | -13.75% |
| Virginia | 5.16% | -12.91% |
| Alaska | 5.15% | -12.95% |
| Maine | 5.13% | -13.07% |
| New Mexico | 5.13% | -15.18% |
| Kentucky | 5.11% | -14.07% |
| Indiana | 5.06% | -16.34% |
| Wisconsin | 5.03% | -8.43% |
| North Carolina | 5.02% | -14.36% |
| Arkansas | 4.98% | -15.73% |
| Wyoming | 4.98% | -10.07% |
| Oregon | 4.96% | -11.15% |
| South Carolina | 4.88% | -13.85% |
| Alabama | 4.82% | -16.65% |
| Tennessee | 4.79% | -13.08% |
| Delaware | 4.65% | -15.80% |
| Nevada | 4.61% | -13.28% |
| West Virginia | 4.58% | -13.29% |
| Arizona | 4.56% | -13.86% |
| California | 4.56% | -9.42% |
| Utah | 4.54% | -11.76% |
| Hawaii | 4.48% | -8.87% |
| Idaho | 4.35% | -14.24% |
Meanwhile, a cluster of Western and Southern states anchor the lower end: Idaho (4.35%), Hawaii (4.48%), Utah (4.54%), California (4.56%), Arizona (4.56%), and South Carolina (4.88%).
Largest Quarter-Over-Quarter Movers
When comparing to Q1 2025, the biggest relative drop in mortgage rates occurs in Alabama (−16.7%), followed by Iowa (−16.4%), Indiana (−16.3%), Ohio (−15.9%), and Delaware (−15.8%).
Several Plains and Midwestern states—Nebraska (−14.2%), Kansas (−13.6%), and Missouri (−14.1%)—also recorded steep declines.
Market Expectations
After a Federal Reserve rate cut and a drop in 10-year Treasury yields, the average rate on 30-year mortgages has settled in the mid to low 6% range, down from nearly 7% earlier in the year.
Most forecasts expect rates to stay steady through the rest of 2025. The Mortgage Bankers Association predicts the average 30-year rate will end the year at 6.5%, while Fannie Mae projects 6.4%.
Learn More on the Voronoi App
If you enjoyed today’s post, check out America’s Home Buyers by Generation on Voronoi, the new app from Visual Capitalist.
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