Today's Mortgage Rates in Maine

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Updated: July 16, 2024

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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.

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 Maine. 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 content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Maine

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.

Current Mortgage Rates in Maine (Jan to May)

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.

Who Needs to Know Today's Mortgage Rates in Maine?

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

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    First-time homebuyers

    First-time homebuyers in Maine gain insights on market rates, guiding their lender choices and the competitiveness of offers.

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    Homeowners with mortgages

    Maine homeowners can assess if mortgage refinance is beneficial when current rates dip below their mortgage's rate.

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%.

Current Mortgage Rates in Maine by Loan Type

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.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
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An interest rate reflects the yearly cost you'll pay for borrowing money on a mortgage. In Maine, if you're looking at a 30-year fixed mortgage, the average mortgage interest rate is currently 6.80%.

APR, or the annual percentage rate, encompasses both the interest rate and additional costs such as mortgage points, fees and other charges associated with your mortgage. For a 30-year fixed mortgage in Maine, the average APR is 6.87%, and this gives you the comprehensive yearly cost of your mortgage.

Current Mortgage Rates in Maine by Credit Score

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:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR6.08%
15-year FixedAPR6.31%
20-year FixedAPR6.91%
30-year FixedAPR7.10%
5-year ARMAPR7.84%
7-year ARMAPR7.63%

Mortgage Types in Maine

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:

Mortage Type
Impact on Rates
30-Year Rates in Maine

Conventional Loans

Conventional loans in Maine are not guaranteed by a government agency.

Rates for conventional loans are influenced by credit score and down payment amount.


FHA Loans

FHA loans in Maine are insured by the Federal Housing Administration and allow for lower down payments.

FHA loans typically offer lower rates for borrowers with lower credit scores.


VA Loans

VA loans in Maine are guaranteed by the Department of Veterans Affairs for eligible veterans.

VA loans usually provide competitive rates due to government backing.


USDA Loans

USDA loans in Maine are for rural homebuyers and are backed by the United States Department of Agriculture.

USDA loans offer rates that can be lower due to government subsidies.

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Jumbo Loans

Jumbo loans in Maine exceed conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans may carry higher rates because they represent a higher risk for lenders.


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Mortgage rates in Maine come in two types: fixed and adjustable.

  • **Fixed-rate mortgages ** lock in your interest rate, ensuring steady monthly mortgage payments for the life of the loan, making budgeting easier.

  • Adjustable-rate mortgages may start lower than fixed rates and can fluctuate, potentially reducing your payments if interest rates drop.

As of July 2024, the average rate in Maine stands at 6.87% for a 30-year fixed mortgage and 7.62% for a seven-year adjustable-rate mortgage.

Mortgage Lenders 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.

  • U.S. Bank

    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank in Maine offers a comprehensive list of mortgage options including conventional and FHA loans. For borrowers eyeing an ARM or a jumbo loan, a minimum credit score of 660 is needed; an FHA loan requires a minimum credit score of 640. With down payments as low as 3% for conventional loans and 3.5% for FHA loans, first-time homebuyers can find an accessible entry point into homeownership. VA loans from it offer the benefit of no down payment, serving those who have served in the military.

    Customer service is available from 7 am to 8 pm CT during the week and 8 am to 2 pm CT on Saturdays with support offered through video, phone and in-person channels. For homeowners who may face financial difficulties, it provides assistance programs including forbearance, repayment plans, loan modification and payment deferral to help keep them on track. Additionally, it is recognized as the top Home Equity Line of Credit (HELOC) lender for bad credit in most states, providing solutions beyond initial home purchasing.


    • Prequalification available online
    • Exclusive loans for investments and construction
    • Online mortgage breakdown tool with amortization


    • BBB lacks rating for U.S. Bank
    • Limited to 27 states with branches
    • Physical location restrictions apply
    U.S. Bank

  • 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

    Maine offers various mortgage options, and Rocket is one lender catering to potential homeowners in the region. It provides FHA, conventional, and VA loan types among others, creating choices for different needs. For a conventional loan, the minimum credit score requirement is 620, while an FHA or VA loan may be accessible with a credit score as low as 580. When it comes to down payments, Rocket makes it easy with options starting from 1% for its ONE+ loan and 3.5% for FHA loans, and even no down payment required for VA loans.

    Rocket supports its borrowers with availability, offering assistance from customer service Monday to Friday, 8:30 am to 9:00 pm ET, and on Saturdays from 9:00 am to 4:00 pm ET. Communication with its support team can be through phone or chat, ensuring help is just a call or click away. If you're in need of additional assistance, Rocket has Homeowners Assistance Programs including ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access, designed to make home buying more accessible.


    • Straightforward online prequalification
    • Access to Fannie Mae and Freddie Mac programs
    • Offers downpayment assistance with ONE+ program



  • Loan Depot

    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot offers mortgage services to borrowers in Maine, both online and in-person. You can explore various mortgage options including fixed- and adjustable-rate loans. If you're looking for specialized loans, it also provides FHA and VA loans. To get an FHA loan through it, a minimum credit score of 580 is necessary. Those looking into conventional loans will need a down payment of at least 5%, whereas FHA loans require 3.5% down (but if your credit score is below 580, that goes up to 10%). For veterans, active service members or qualifying spouses, VA loans offer an incredible opportunity with no down payment required.

    Loan Depot is ready to assist you during your home buying journey, with customer service available from 10 am to 9 pm ET on weekdays. Reach out via phone or email to get the help you need. For homeowners who might be facing financial difficulties, it provides Loss Mitigation Assistance programs. These resources are designed to support you in managing your mortgage obligations and maintaining your homeownership.


    • Varied mortgage assistance during tough times
    • Accredited with top BBB rating
    • Interactive mortgage calculation tool online


    • Loan advisor must call
    • No weekend support
    • Standard mortgage options only
    Loan Depot

Mortgage Programs in Maine

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


First Home Loan Program

MaineHousing's First Home Loan Program offers low fixed-interest rate mortgages with options like $5,000 in assistance, the ability to add improvement costs to your loan, and multiple unit funding. There's also a safety net if you lose your job, covering up to four mortgage payments.

First Generation Program

The First Generation Program offers financial literacy and homebuyer education classes plus a $10,000 boost for your down payment and closing costs, with a competitive fixed interest rate on your mortgage. Even mobile homes qualify, with generous purchase price limits.

SaluteME and Salute Home Again

SaluteME and Salute Home Again programs honor veterans with a half percent discount on the standard 30-year fixed interest rate and low down payment requirements. They apply to most property types and waive the first-time buyer rule for vets.

Pre-1976 Mobile Home Replacement Initiative

Looking to replace an aging mobile home? The Pre-1976 Mobile Home Replacement Initiative can help. This plan supports the purchase of energy-efficient manufactured or stick-built homes, cutting down on energy bills and offering a way to upgrade your living situation affordably.

FAQ: Mortgage Rates in Maine

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.

What are the current mortgage rates in Maine?
How do mortgage rates in Maine compare to national rates?
How does my credit score impact the mortgage rates I get in Maine?
Are there any special mortgage programs in Maine to help homebuyers?
How can I get the best possible mortgage rate in Maine?
What are today's mortgage refinance rates in Maine?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

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.