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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.
North Dakota 30-year mortgage rates average 4.419%. But, they are expected to stay below the national average in 2020.
Average 30-year fixed-rate mortgages rates vary just from 4.279% to 4.520% in 2018. Rates are calculated based on a host of factors, such as the loan type and term. For example, 15-year terms typically have a lower interest rate than 30-year options, but generally cost more monthly.
Loan type | 15-year average rate | 30-year average rate |
---|---|---|
Conventional | 4.274% | 4.511% |
FHA | 3.935% | 4.520% |
VA | 3.848% | 4.365% |
USDA | Not available | 4.279% |
Based on data from ffiec.cfpb.gov.
Suppose that you had a 30-year fixed-rate conventional loan for $235,000 with the 2018 average rate of 4.511%. The monthly payment might run you around $1,190, excluding taxes and fees. If you chose the 15-year term with the average 2018 rate of 4.274%, your monthly payments could be around $1,770.
While the monthly payments are higher with a 15-year loan, if you can afford it, you could save about $110,480 in interest over the life of the loan.
Average mortgage rates in the Peace Garden State are expected to stay below the 4% mark in 2020.
Average mortgage rates in North Dakota historically hopscotch both above and below the national average. However, in the past three years, rates in North Dakota came in on average 0.13% less than the rest of the country.
Several US housing agencies are expecting national mortgage rates to average 3.70% in 2020. North Dakota rates should perform just below these national projections.
Your monthly mortgage payment in North Dakota is based on a few factors, such as property location and loan amount. This means that borrowers in the same state might see different mortgage rates depending on where they live.
We took a deep dive into data from the Home Mortgage Disclosure Act to build a picture of what someone might end up paying for a 30-year fixed-rate mortgage in one of the three metropolitan areas on North Dakota. These projections don’t account for any fees or costs particular to your loan.
Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
---|---|---|---|
Bismarck MSA (Burleigh, Morton, Oliver Counties) | 4.394% | $235,000 | $1,180 |
Fargo MSA (Cass County) | 4.416% | $205,000 | $1,030 |
Grand Forks MSA | 4.506% | $205,000 | $1.040 |
Based on data from ffiec.cfpb.gov.
Here are three tips to help you qualify for a better rate on your next loan:
Average mortgage rates in North Dakota generally come in below the national average, especially in the past three years. But lenders ultimately set your rate. Compare lenders and loan products to help you make an informed decision.
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