Today's 30-year mortgage rate in Idaho is 6.94%, nearly similar to the national average of 6.9%. Homebuyers can explore programs like Idaho Housing and Down Payment Assistance to reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Idaho
Updated: July 17, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Idaho. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on July 2, 2024.
Current Mortgage Rates in Idaho
In July 2024, the average APR for a 30-year fixed-rate mortgage in Idaho is 6.94%, up by 42 basis points from the previous month's 6.52%. For a $250,000 loan with a 20% down payment, the rate increase could add $20,081 in total interest over the life of the loan, excluding property taxes and HOA fees.
Rates often change due to economic events and Federal Reserve policies. The line chart below shows how these rates have trended in recent months.
Even small changes in mortgage rates can significantly impact your finances. Understand Idaho's current mortgage rates, so you can budget effectively.
Who Needs to Know Current Mortgage Rates in Idaho?
Knowing today's mortgage interest rates in Idaho benefits two types of borrowers in the housing market:
First-time homebuyers
First-time homebuyers in Idaho can assess rate offers and determine their competitiveness by comparing them with current mortgage rates.
Homeowners with mortgages
Idaho homeowners with mortgages can see if current mortgage rates allow them to save on costs through mortgage refinance.
Purchase and refinance rates often differ. For a 30-year fixed mortgage in Idaho, the purchase APR is 6.94%, while the refinance APR is 8.05%. This difference impacts your monthly payments and total interest over the loan's life. Keep this in mind as you compare options.
Current Mortgage Rates in Idaho by Loan Type
A 30-year fixed-rate mortgage typically has a higher rate than the 15-year option. Lenders face an increased risk of default and rate fluctuations with longer repayment terms.
If you're unsure which loan type in Idaho best suits you, use a mortgage calculator to see how different rates affect your monthly payments.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 6.03% | APR6.25% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the percentage lenders charge you annually to borrow money. In Idaho, the average interest rate for a 30-year fixed mortgage is 6.89%.
The APR (annual percentage rate) reflects the actual yearly loan cost, including the interest rate and upfront fees like mortgage points. For a 30-year fixed-rate mortgage in Idaho, the average APR is 6.94%.
Current Mortgage Rates in Idaho by Credit Score
In Idaho, a credit score of 740 or higher with a 5% to 20% down payment results in an average APR of 7.52% for a 30-year fixed mortgage. For a credit score below 680, the average APR increases to 8.25%.
Your credit score and down payment impact your mortgage rate in Idaho. Check the rates you might get based on these factors:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | APR6.28% |
| 15-year Fixed | APR6.32% |
| 20-year Fixed | APR6.91% |
| 3-year ARM | APR8.36% |
| 30-year Fixed | APR7.19% |
| 5-year ARM | APR7.81% |
| 7-year ARM | APR7.64% |
Mortgage Types in Idaho
In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Idaho. Understanding your choices can impact your monthly payments and overall loan cost. Check out the mortgage loan types in Idaho:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Idaho |
|---|---|---|---|
Conventional Loans | A conventional loan is not guaranteed by the federal government. | Interest rates on conventional loans relate to creditworthiness and market conditions. | 6.94% |
FHA Loans | An FHA loan is backed by the Federal Housing Administration. | FHA loans have lower rates for buyers with less credit history or funds. | 7.05% |
VA Loans | A VA loan offers competitive terms for veterans and service members. | VA loans offer veterans lower rates due to government backing. | 6.26% |
USDA Loans | USDA loans offer affordable mortgages for rural and suburban homebuyers. | USDA loans provide lower rates, as the government subsidizes them for eligible borrowers. | currently unavailable |
Jumbo Loans | A jumbo loan exceeds conventional loan limits and is ideal for buying expensive properties. | Rates for jumbo loans are higher due to the larger amount borrowed. | 6.89% |
MORTGAGE RATE STRUCTURES IN IDAHO
Mortgage rates in Idaho are either fixed or adjustable.
- Fixed mortgages keep your interest rate constant, maintain predictable monthly payments throughout the loan term and simplify budgeting.
- Adjustable-rate mortgages (ARM) begin with lower initial rates than fixed mortgages. However, these rates can vary with market changes, impacting long-term expenses.
As of July 2024, Idaho's average APR for a 30-year fixed mortgage is 6.94%, while a 7-year ARM averages 7.54%.
Mortgage Lenders in Idaho
LoanDepot, Truist and Rocket Mortgage are the top lenders in Idaho. They are accredited by the Better Business Bureau and offer homeowner assistance programs. Compare options to secure the best deal, as rates vary among lenders.
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers flexible mortgage options with online and in-person support. It provides fixed-rate and adjustable-rate loans. For an FHA Loan, a 580 credit score is sufficient. Conventional loans require a 5% down payment, or as little as 3.5% for FHA loans, increasing to 10% for scores below 580.
Customer service is available via phone or email from Monday to Friday, 10 am to 9 pm ET. Loan Depot's Loss Mitigation Assistance Program supports homeowners facing payment challenges.
Pros
- A+ rating from BBB
- Mortgage assistance during financial hardship
- Interactive mortgage calculator
Cons
- Limited mortgage options
- Weekend customer support unavailable
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers a range of mortgage products, including conventional and VA loans. Conventional loans typically require a good credit score. VA loans, designed for service members and veterans, offer more flexible credit requirements. Down payments can be as low as 3%, though this may vary by loan type.
Customer service is available via phone, social media or in person from 8 a.m. to 8 p.m. ET Monday through Friday and Saturdays from 8 a.m. to 5 p.m. ET. Truist also offers specialized programs like Doctor Loan, Construction to Permanent Loans and Affordable Lending Options that meet diverse borrower needs.
Pros
- Unique mortgage programs
- Online mortgage and amortization tools
- Assists with affordable loan options
Cons
- Must speak to a rep for mortgage details
- No mortgage payment relief options
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers diverse home financing options, including FHA and conventional loans. FHA loans require a minimum credit score of 580 and a 3.5% down payment, while conventional loans accept a credit score of at least 620 with a 3% minimum down payment.
Customer service is available via phone and chat Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. Rocket supports homeownership through several assistance programs, including ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access.
Pros
- Enables online prequalification
- Homebuyer programs with major agencies
- Unique downpayment assistance offering
Cons
- No local branches
- No USDA loans
Mortgage Programs in Idaho
Buying a home involves more than just the monthly payment — expect hidden costs that can affect your budget. The Idaho Housing and Finance Association offers mortgage programs to support you.
Program | Description |
|---|---|
Offers conventional, FHA and VA loans with competitive rates, down payment assistance and ongoing mortgage support. Eligible buyers earning under $150,000 annually can get help purchasing homes, townhouses, condos or manufactured homes in Idaho. | |
Provides up to 10% for down payment and closing costs. Contribute just 0.5% on your own to access these funds through a Second Mortgage or Forgivable Loan, reducing upfront homeownership costs. |
FAQ: Mortgage Rates in Idaho
Today's mortgage rates can affect your home-buying decisions. We've addressed common questions about securing a mortgage in Idaho.
What are the current mortgage rates in Idaho?
Current average APRs in Idaho vary by loan type, credit score and down payment. In July 2024, a 30-year fixed conforming loan has an average APR of 6.94%. For 7-year ARM jumbo loans, it's 7.38%.
How do mortgage rates in Idaho compare to national rates?
As of July 2024, Idaho's average APR for a 30-year fixed-rate mortgage is 6.94%, slightly higher than the national average of 6.9%. The average APR for a 5-year ARM is 7.7%, just above the national rate of 7.69%.
How does my credit score impact the mortgage rates I get in Idaho?
Your credit score significantly impacts the mortgage rates you can qualify for in Idaho. A higher credit score generally leads to lower mortgage rates, while a lower score may result in higher rates.
Are there any special mortgage programs in Idaho to help homebuyers?
Idaho assists eligible residents through mortgage programs such as Idaho Housing, Down Payment Assistance and Housing Finance Assistance.
How can I get the best possible mortgage rate in Idaho?
Improve your credit score, compare rates from multiple lenders, and make a larger down payment to secure a more favorable rate.
What are today's mortgage refinance rates in Idaho?
As of July 2024, today's refinance rates in Idaho average 8.05% for a 30-year fixed-rate loan and 7.33% for a 15-year fixed-rate one.
How do I calculate my mortgage payments?
Use a mortgage calculator for Idaho to estimate your payment schedule and budget for your home purchase.
Mortgage
About Zachary Romeo
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
sources
- Idaho Housing and Finance Association. "Idaho Housing." Accessed July 16, 2024.
- Idaho Housing and Finance Association. "Down Payment Assistance." Accessed July 16, 2024.