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Mortgage rates in Montana
Mortgage rates that match or are slightly higher the national average.
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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 the Treasure State average 4.464% for 30-year loans. And they shouldn’t drift too far from the 4% mark in the approaching year.
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What's in this guide?
How much do Montana rates vary?
Average mortgage rates in Montana average between 4.311% and 4.713% for 30-year loans in 2018. Factors that affect your rate include your credit score, the loan type and the term. For example, conventional mortgages generally come with higher interest rates but fewer eligibility requirements than government-insured loans.
2018 average rates in Montana by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.505% | 4.713% |
| FHA | 4.271% | 4.439% |
| VA | 3.945% | 4.391% |
| USDA | Not available | 4.311% |
Based on data from ffiec.cfpb.gov.
To illustrate, if you borrowed $215,000, with a 30-year conventional mortgage at 4.713%, you could expect to pay about $1,120 monthly, excluding taxes and fees. On the other hand, if you qualify for a 30-year FHA loan with the average rate of 4.439% might run you slightly under that at $1,080 a month.
Qualifying for an FHA loan could save you $60 a month or $12,660 in interest over the course of the entire loan.
Which way are rates trending in Montana?
Montana mortgages rates will likely swing slightly above and below the 4% mark in 2020.
Average mortgage rates in Montana have either matched or surpassed the national since 2013. In 2017, 30-year interest rates were 0.02% higher than the rest of the country, while 2018 was 0.10% higher.
According to Greg McBride, Bankrate chief financial analyst, mortgage rates shouldn’t stray too far from 4%. That means that Montana mortgage rates should follow suit by matching or coming in a touch higher than 4%.
Compare mortgage rates throughout Montana
Montana has three primary metropolitan areas, each hovering over the same percentage rate. But with varying home values across regions, homeowners in Montana can expect an average monthly mortgage between $800 to $1,200.
We combed through data from the Home Mortgage Disclosure Act to give you an idea of what a 30-year fixed-rate mortgage might cost you in Montana. These estimates do not account for charges, such as property tax and PMI, distinct to your mortgage.
| Metropolitan statistical area | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Billings | 4.507% | $215,000 | $1,090 |
| Great Falls | 4.413% | $175,000 | $880 |
| Missoula | 4.653% | $245,000 | $1,260 |
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Montana
Try a few of these suggestions to increase your chances of qualifying for a better rate on your next mortgage.
- Research loan products. Lenders usually offer several types of loan programs, each with specific rates. See what loans you qualify for before comparing mortgage rates.
- Build your credit profile. Lenders prefer borrowers with good to excellent credit. If you work to pay off existing debts and increase your credit score, you could qualify for a better rate.
- Understand closing costs. Montana lenders often charge 0.91% to 1.36% of the total purchase price of the home in closing costs. Factor in these costs when considering different lenders.
Historical mortgage interest rates in Montana
Bottom line
Although Montana mortgage rates closely resemble the national average, lenders ultimately set your interest rate. Be sure to compare loans and lenders to find the best mortgage rate in Montana.
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