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Mortgage rates in Idaho

Rates have closely mirrored the national average since 1999.

Updated

Fact checked

Mortgage rates during the coronavirus

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.

Compare mortgage lenders in Idaho

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.

How much do Idaho rates vary by loan?

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.

2018 average rates in Idaho by loan type

Loan type15-year average rate30-year average rate
Conventional4.287%4.759%
FHA4.224%4.575%
VA3.904%4.493%
USDAN/A4.421%

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.

Compare mortgage rates throughout Idaho

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 rateMedian loan amountEstimated monthly cost
Boise City4.698%$235,000$1,220
Coeur d’Alene4.708%$245,000$1,270
Idaho Falls4.574%$185,000$950
Lewiston MSA (Nez Perce County, ID)4.738%$185,000$960
Logan MSA (Franklin County, ID)4.574%$175,000$890
Pocatello4.622%$155,000$800
Twin Falls4.637%$175,000$900

Based on data from ffiec.cfpb.gov.

How to get the best mortgage rate in Idaho

Some steps you can take to make you a more attractive borrower and get a better rate on your home loan:

  1. Compare loan programs. Each loan product has a unique set of loan terms. Research what loan programs you qualify for to compare interest rates.
  2. Build up your borrowing profile. Take some time to raise your credit score and pay off debts to make yourself a more attractive borrower.
  3. Calculate the closing costs. Closing fees vary by lender and usually range from 1.01% to 1.52% of the purchase price in Idaho. Some lenders charge higher closing costs in exchange for lower interest rates. Shop around to find the right loan terms for your situation.

Historical mortgage interest rates in Idaho

Bottom line

Idaho mortgage rates historically imitate the national average, and rates are likely to remain stable at around 4% into 2020. Compare loan products and lenders to find the right program for you.

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