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Mortgage rates in Maine
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Maine home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on January 10 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 Maine 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 | 4.250% | 4.250% | 4.250% | 4.188% |
| 640-659 | 4.125% | 4.125% | 4.125% | 4.000% |
| 660-679 | 4.000% | 3.938% | 3.938% | 3.875% |
| 680-699 | 3.750% | 3.750% | 3.750% | 3.688% |
| 700-719 | 3.750% | 3.688% | 3.625% | 3.625% |
| 720-739 | 3.625% | 3.563% | 3.500% | 3.500% |
| 740-759 | 3.500% | 3.500% | 3.500% | 3.500% |
| 760-779 | 3.500% | 3.500% | 3.500% | 3.500% |
| 780-799 | 3.500% | 3.500% | 3.500% | 3.500% |
| 800+ | 3.500% | 3.500% | 3.500% | 3.500% |
*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.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Maine 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 | 2.750% | 2.625% | 2.625% | 2.625% |
| 30-year conventional | 3.750% | 3.688% | 3.625% | 3.625% |
| 15-year FHA | 3.000% | 2.875% | Not eligible | Not eligible |
| 30-year FHA | 3.500% | 3.500% | Not eligible | Not eligible |
| 15-year VA | 3.250% | 3.000% | 3.000% | 2.938% |
| 30-year VA | 3.688% | 3.625% | 3.563% | 3.563% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
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.
Home values in Maine are rising, with the most in-demand areas leading the trend
Home prices in Maine are heading north. According to Zillow, the price of a typical home in Maine increased by 19.8% in the 12 months prior to June 2021, and it looks like the trend for the state’s most in-demand areas will continue well into next year.
While price increases vary across the state, some standout cities include Augusta, Lewiston, Patten and Portland — which are predicted to see price jumps of 17.5%, 16.9%, 15.9% and 15.4%, respectively, by June 2022, according to Zillow.
Currently, the average list price for a home in Maine is $306,018. But that doesn’t mean you can’t find a bargain in the Pine Tree State. In Caribou, Gardiner and Brewer, for example, you can find homes on the market selling for less than $200,000.
5 fast facts about Maine’s housing market
If you’re looking to a buy a home in Maine, here are five facts to consider:
- 58% of homes sold in Maine this year went for more than the list price, according to Redfin.
- On the flip side, 11.5% of homes for sale in Maine experienced a price drop in the last year.
- According to 2019 data from the US Census Bureau, homeownership in Maine costs around $1,398 monthly with a mortgage, which is 12.4% less than the national average.
- Mainers pay an average 1.28% of their mortgage’s total value in closing costs with taxes, according to ClosingCorp.
- Property taxes in Maine are on the high side, costing an average 1.3% per assessed home value. The national average is 1.07%.
Bottom line
Mortgage rates in Maine 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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