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Mortgage rates in North Dakota
Rates that recently trend just under the national average.
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.
North Dakota 30-year mortgage rates average 4.419%. But, they are expected to stay below the national average in 2020.
What's in this guide?
How much do North Dakota rates vary?
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.
2018 average rates in North Dakota by loan type
| 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.
Which way are rates trending in North Dakota?
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.
Compare mortgage rates throughout North Dakota
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.
How to get the best mortgage rate in North Dakota
Here are three tips to help you qualify for a better rate on your next loan:
- Compare loan products. Lenders generally offer several different loan programs, each with a specific interest rate. Research each loan type and accompanying rate to see what you may qualify for.
- Spruce up your credit. Borrowers with good to excellent credit usually get the most competitive rates from lenders. Take time to pay off debts and increase your credit score to become a more attractive borrower.
- Count on closing costs. Lenders in North Dakota generally charge between 0.87% and 1.31% of the sale price for closing costs. These fees could add a significant amount to the overall cost of the home. Weigh the closing costs in conjunction with your interest rate to get the best deal.
Historical mortgage interest rates in North Dakota
Bottom line
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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