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Mortgage rates in Idaho
Interest rates on a 30-year $300,000 conventional mortgage start at around 5.375%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Idaho home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on Jun 8 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Idaho by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
| Credit score | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 620-639 | 6.125% | 6.125% | 6.625% | 6.625% |
| 640-659 | 6.250% | 6.625% | 6.375% | 6.125% |
| 660-679 | 6.000% | 6.000% | 6.000% | 6.000% |
| 680-699 | 5.875% | 5.750% | 5.750% | 5.750% |
| 700-719 | 5.813% | 5.688% | 5.625% | 5.625% |
| 720-739 | 5.625% | 5.563% | 5.563% | 5.563% |
| 740-759 | 5.500% | 5.375% | 5.375% | 5.375% |
| 760-779 | 5.500% | 5.375% | 5.375% | 5.375% |
| 780-799 | 5.500% | 5.375% | 5.375% | 5.375% |
| 800+ | 5.500% | 5.375% | 5.375% | 5.375% |
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
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Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Idaho home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
| Loan type | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 15-year conventional | 4.750% | 4.750% | 4.625% | 4.625% |
| 30-year conventional | 5.813% | 5.688% | 5.625% | 5.625% |
| 15-year FHA | 3.438% | 3.438% | Not eligible | Not eligible |
| 30-year FHA | 5.500% | 5.500% | Not eligible | Not eligible |
| 15-year VA | 4.250% | 4.250% | 4.250% | 4.000% |
| 30-year VA | 5.625% | 5.500% | 5.500% | 5.500% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Some steps you can take to make you a more attractive borrower and get a better rate on your home loan:
- Compare loan programs. Each loan product has a unique set of loan terms. Research what loan programs you qualify for to compare interest rates.
- Build up your borrowing profile. Take some time to raise your credit score and pay off debts to make yourself a more attractive borrower.
- 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.
Home prices in Idaho are surging due to homebuyer demand
The housing market in Idaho is booming. According to Zillow, the average home price in Idaho increased by a whopping 31.2% in the 12 months prior to June 2021 — and it doesn’t look like the trend is going to slow anytime soon.
In the capital, Boise, home prices are forecast to jump 21.6% by June 2022. Following closely behind are Twin Falls and Coeur d’Alene, with prices expected to rise by 17.6% and 16.5%, respectively, during the same period. As for the rest of the Gem State, prices are forecast to rise anywhere from 2% to 16%, depending on the area.
5 fast facts about Idaho’s housing market
If you’re looking to buy in Idaho, here are five facts to know:
- The average home price in Idaho is $403,291 as of June 2021 — 37.5% higher than the national average.
- The three most popular cities for homebuyers in Idaho are Boise, Meridian and Coeur d’Alene, according to Redfin.
- In Boise, a home’s average time on the market is 10 days. This indicates buyers are snapping up homes quickly.
- Idahoans pay an average of 0.63 in property taxes, which is significantly less than the national average.
- Homebuyers in Idaho pay an average of 1.05% in closing costs, which are among the lowest in the US. It helps that there are no transfer taxes in Idaho, unlike other states.
Bottom line
Mortgage rates in Idaho vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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