Today's Mortgage Rates in Maine

Today's 30-year mortgage rate in Maine stands at 6.87%, which aligns with the current average national rate of 6.90% for the same type of mortgage. In Maine, homebuyers can tap into the First Home Loan Program or the First Generation Program to possibly lessen their mortgage expenses.

We'll help you understand today's 30-year mortgage rate in Maine along with the nuances of loan types and how rates shift with credit scores. You’ll also learn about the variety of mortgages available, approachable lenders and the structure of mortgage rates in Maine. The guide will offer insight into Maine-specific mortgage programs, equipping you with knowledge to make better financing choices for your home purchase.

In Maine, the average APR for a 30-year fixed-rate mortgage climbed to 6.87% in July 2024, up from 6.40% the previous month. This movement in the current mortgage rate could impact your finances — a $250,000 loan at the current rate, with a 20% down payment, would mean paying an additional $22,382 over the loan term compared with last month, not including extra costs like property taxes or HOA fees. Our line chart illustrates that even seemingly minute changes in mortgage rates can significantly influence the total cost of a home loan.

Understanding the current mortgage rate in Maine can help you budget effectively as you navigate the homebuying process. Rates change constantly, swayed by economic circumstances and policy decisions by the Federal Reserve. Our line chart indicates how these rates have trended over the past several months, offering you a snapshot to guide your decisions.

Two borrower profiles may find knowing today's mortgage interest rates in Maine advantageous in navigating the housing market:

Purchase rates often differ from refinance rates — this can impact your monthly payments significantly. If you're looking at the current mortgage rate for a 30-year fixed mortgage in Maine, you'll find it at 6.87% for a new home purchase. In contrast, if you're looking to refinance, the average APR jumps to 8.13%.

A 30-year fixed-rate mortgage in Maine comes with a higher interest rate than a 15-year fixed-rate mortgage. The longer you borrow money for, the more risk the lender takes on — there's more time for economic changes and the potential for you not to pay the loan back during those 30 years as opposed to 15 years.

Discover your options with mortgage loan types in Maine to find one that fits your financial needs. To understand your monthly payments and how interest will affect your loan over time, use a mortgage calculator. It helps you break down the numbers clearly and plan your finances accordingly.

In Maine, if you boast a credit score of 740 or higher and are looking to put down anywhere from 5% to 20%, the rate for a 30-year fixed mortgage averages at 7.47%. On the other hand, with a credit score below 680 under the same conditions, the average annual percentage rate (APR) jumps to 7.78%.

Your credit score impacts the mortgage rates you might get in Maine. To see how these rates could look for you, check out the interactive table below. It'll show you the rates you could qualify for based on your credit score and how much you're putting down:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Maine. Knowing your mortgage options helps you make an informed decision — compare rates and terms to find a fit for your financial situation. Below is a summary of the mortgage loan types available in Maine:

U.S. Bank, Loan Depot and Rocket are solid options for securing a mortgage in Maine, each meeting state-specific availability, Better Business Bureau accreditation and homeowner assistance requirements. While these lenders stand out, remember to consider additional lenders who may offer suitable options for your mortgage needs.

Mortgage rates in Maine can vary based on the lender you select, with each offering distinct mortgage products and terms, including the rate. To secure the best possible deal, make it a point to compare mortgage rates from various lenders in Maine.

Owning a home means dealing with hidden costs besides your regular payment. In Maine, Maine Housing can assist you with mortgage programs.

Stay informed on today's mortgage rates in Maine. We've addressed common questions you may have when securing a mortgage for your new home in the state.