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.
Mortgage rates in Vacationland average 4.656% for 30-year loans. And they’re expected to stay around the 4% mark through 2020.
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How much do Maine rates vary?
The average rates for 30-year mortgages in Maine ranged from 4.463% to 4.786% in 2018. However, several factors can affect your rate. Although conventional loans have fewer borrower and property limitations, they typically have higher rates than government-insured options.
2018 average rates in Maine by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov.
Even a small percentage can have a major effect on the overall cost of your loan. If you have a $155,000 conventional mortgage with a 4.757% rate, your estimated monthly payment could be $809, excluding taxes, fees and other costs specific to your loan.
On the other hand, a USDA loan with a 4.463% rate could drop it a bit to $781. Though it’s just a small difference, this $27.25 a month could end up saving you $9,800 over the life of the loan.
Which way are rates trending in Maine?
Mortgage rates in Maine should come in around 4% in the upcoming year.
According to Bankrate’s chief financial analyst, Greg McBride, national mortgage rates are expected to average around 4% through 2020. Nationwide housing agencies and mortgage buyers Freddie Mac and Fannie Mae expect mortgage rates to average around 3.70%.
Since Maine mortgage rates generally trend with the national average, expect Maine rates to stay at or below 4%.
Compare mortgage rates throughout Maine
Even though mortgage rates in Maine tend to follow the national average, you could pay more depending on where you live. For example, home prices on the beach and in larger cities tend to be higher and come with higher interest rates. While homes in the mountains and country generally cost less and will get you a lower monthly payment.
We sifted through data from the Home Mortgage Disclosure Act to provide a picture of what you might pay on the average 30-year fixed-rate mortgage in metropolitan areas of Maine. Rates and amounts don’t account for taxes, fees, PMI or charges specific to your mortgage.
|Metropolitan statistical area||Average mortgage rate||Median loan amount||Estimated monthly cost|
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Maine
Give yourself the best chance of getting a strong rate by shopping around and improving your credit.
- Compare loan products. Many lenders offer several types of loans with specific interest rates. Explore those options to find the most suitable choice for you.
- Improve your credit. Loan applicants with a strong credit profile often receive the best rates. Take some time to pay off any debt you have to increase your credit score.
- Calculate those closing costs. Closing costs in Maine average between 1.01% to 1.52% of the purchase price. This extra sum can significantly add to the total cost of your home.
Historical mortgage interest rates in Maine
Even though Maine’s average mortgage rates trend with the national average, each lender sets its own rates. Comparing mortgages and lenders can help you find the best rates and help you make an informed decision.
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