
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
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.
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.
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.
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%.
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.
Try a few of these suggestions to increase your chances of qualifying for a better rate on your next mortgage.
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.
The first Americans who put their mortgage into forbearance in 2020 may be just a few months away from the end of that relief. Here’s what you need to know if you’re one of them.
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
Finder analyzes the easiest and hardest states to get disability in America, rating the top 5 best and worst states for disability approval.
Smart strategies that homeowners can use to get rid of Private Mortgage Insurance (PMI).
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
Ways to protect your assets and what you need to know about marital debt.
Agriculture businesses and other local operations can benefit from a range of low-cost financing.
Long Island business owners can find the basics at this five-branch lender.
Mortgage life insurance may be a good fit for people with serious health conditions, otherwise term life insurance offers more value and flexibility.