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Updated
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Mortgage rates in the Gem State don’t vary much between conventional and government-backed loans, averaging 4.562% across all loan types. Idaho interest rates will likely hang around 4% in 2020.
Idaho mortgage rates for 30-year loans averaged from 4.421% to 4.759% in 2018. Multiple factors can raise or lower your interest rate. For example, government-backed loan programs, such as FHA loans, typically have lower interest rates than conventional mortgages, although conventional options have fewer borrower and property limitations.
Loan type | 15-year average rate | 30-year average rate |
---|---|---|
Conventional | 4.287% | 4.759% |
FHA | 4.224% | 4.575% |
VA | 3.904% | 4.493% |
USDA | N/A | 4.421% |
Based on data from ffiec.cfpb.gov.
Even a fraction of a percentage in interest rate can impact your monthly payment and the amount of interest you pay over the life of the loan.
For example, if you borrow $185,000 with a 30-year conventional loan with an interest rate of 4.759%, you could pay $966 a month, before taxes and other fees specific to your mortgage. On the other hand, if you can qualify for an FHA loan with a slightly lower interest rate of 4.575%, your monthly payment could be $945.
Although it’s only a difference of $20 per month, the FHA loan could save you $7,351 in interest payments over the entire loan term.
Mortgage rates in Idaho will likely hover around the 4% mark in 2020.
Idaho mortgage rates have historically imitated the national average, especially since 1999. Greg McBride, Bankrate chief financial analyst, predicts that US mortgage rates will be relatively stable and stay around 4% in 2020. And several nationwide housing agencies forecast 30-year rates just south of the 4% mark. Idaho will likely perform similarly.
Average mortgage rates and home values can vary within Idaho, depending on where the property is located.
We analyzed data from the Home Mortgage Disclosure Act to demonstrate what you might pay for the average 30-year fixed-rate mortgage in different metropolitan areas in Idaho. These estimates don’t account for taxes, fees or other costs specific to your mortgage.
Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
---|---|---|---|
Boise City | 4.698% | $235,000 | $1,220 |
Coeur d’Alene | 4.708% | $245,000 | $1,270 |
Idaho Falls | 4.574% | $185,000 | $950 |
Lewiston MSA (Nez Perce County, ID) | 4.738% | $185,000 | $960 |
Logan MSA (Franklin County, ID) | 4.574% | $175,000 | $890 |
Pocatello | 4.622% | $155,000 | $800 |
Twin Falls | 4.637% | $175,000 | $900 |
Based on data from ffiec.cfpb.gov.
Some steps you can take to make you a more attractive borrower and get a better rate on your home loan:
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