Today's Mortgage Rates in Maine (October 2024)
Updated: October 21, 2024
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Today's 30-year mortgage rate in Maine is 6.04%, which is slightly lower than the national average of 6.40% for the same type. In Maine, homebuyers can alleviate their mortgage expenses by tapping into the First Home Loan Program or the SaluteME and Salute Home Again initiatives.
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).
This data was last updated in October 2024.
In Maine, the average APR for a 30-year fixed-rate mortgage remained steady at 6.0% in October 2024, unchanged from the previous month. This non-movement means no impact on your finances — a $250,000 loan at the current rate, with a 20% down payment, would mean an expense of about $510 over the loan term, 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 home-buying 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:
First-time homebuyers
First-time homebuyers in Maine gain insights on market rates, guiding their lender choices and the competitiveness of offers.
Homeowners with mortgages
Maine homeowners can assess if mortgage refinance is beneficial when current rates dip below their mortgage's rate.
If you're looking at the current mortgage rate for a 30-year fixed mortgage in Maine, you'll find it at 6.04% for a new home purchase. In contrast, if you're looking to refinance, the average APR is slightly lower at 6.00%.
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.
| 5.13% | 5.27% |
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 5.97%.
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 6.04%, and this gives you the comprehensive yearly cost of your mortgage.
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 6.73%. On the other hand, with a credit score below 680 under the same conditions, the APR jumps to 7.63%.
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.
| 10-year Fixed | 6.08% |
| 15-year Fixed | 5.16% |
| 20-year Fixed | 6.00% |
| 30-year Fixed | 6.29% |
| 5-year ARM | 7.52% |
| 7-year ARM | 7.33% |
In October 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Maine at 5.89%. 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:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Maine |
|---|---|---|---|
Conventional Loans | Conventional loans in Maine are not government-insured and conform to guidelines set by Fannie Mae and Freddie Mac. | Rates for conventional loans may vary based on credit score, down payment size and lender competition. | 6.04% |
FHA Loans | FHA loans in Maine are government-backed and designed to help borrowers with lower credit scores and down payments. | FHA loans often have lower interest rates due to being government-backed, attracting borrowers with less-than-perfect credit. | currently unavailable |
VA Loans | VA loans in Maine are provided by private lenders and backed by the Department of Veterans Affairs for eligible service members. | VA loans typically offer competitive rates because of government backing and the reduced risk for lenders. | 5.89% |
USDA Loans | USDA loans in Maine are designed to help rural residents purchase homes with no down payment and are backed by the U.S. Department of Agriculture. | USDA loans can offer low rates due to government backing, especially beneficial for those buying in rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in Maine exceed the conforming loan limits established by Fannie Mae and Freddie Mac and are not guaranteed by the government. | Jumbo loans may carry higher rates due to the increased risk lenders take on with larger loan amounts. | 6.36% |
Mortgage rates in Maine come in two types: fixed and adjustable.
Fixed-rate mortgage rates provide a constant rate for the life of the loan, making monthly mortgage payments predictable. You'll benefit from consistently knowing your costs.
Adjustable mortgage rates start with lower initial rates that can change based on market conditions. This type of rate can reduce your monthly payments when market rates are favorable.
As of October 2024, the average rate in Maine is 6.04% for a 30-year fixed mortgage and 7.31% for a seven-year adjustable-rate mortgage.
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 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.
Pros
Cons
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.
Pros
Cons
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.
Pros
Cons
Owning a home means dealing with hidden costs besides your regular payment. In Maine, Maine Housing can assist you with mortgage programs.
Program | Content |
|---|---|
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. |
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.
Current average APRs in Maine as of October 2024 can vary significantly depending upon the type of loan. For example, a seven-year ARM conforming loan has an average APR of 7.31%.
Maine's current average APRs for a five-year adjustable rate mortgage and a 30-year fixed rate mortgage, as of October 2024, stand at 7.25% and 6.04% respectively. Comparatively, the national average rates are 7.92% for a five-year ARM and 6.40% for a 30-year fixed mortgage.
Your credit score significantly influences the mortgage rates you can qualify for in Maine. Higher credit scores generally lead to low mortgage rates, while lower scores may result in higher interest rates.
Yes, Maine offers several special mortgage programs such as the First Home Loan Program, First Generation Program and the Pre-1976 Mobile Home Replacement Initiative to assist homebuyers.
To secure the best possible mortgage rate in Maine, shop around with multiple lenders, maintain a good credit score and consider a larger down payment to lower the loan-to-value ratio.
The current average refinance rates in Maine for October 2024 are 5.45% for a 15-year fixed loan and 6.00% for a 30-year fixed loan. You can access today's refinance rates in Maine for more detailed information.
To calculate your mortgage payments, you can use a mortgage calculator for Maine, which takes into account your loan amount, interest rate, down payment and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
