Today’s Refinance Rates in Maine
Updated: January 18, 2024
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Current Refinance Rates in Maine
MoneyGeek researched the current refinance interest rates in Maine to help you understand if refinancing your mortgage is the best option based on your situation. See the table below for the latest mortgage rates in the state.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Maine?
The average refinance rates in Maine are 4.50% on a 15-year fixed-rate mortgage, 5.24% on a 30-year, and 4.29% on a 5/1 ARM, while the average rates across the U.S. are 4.45%, 5.30% and 4.19%, respectively. This shows that Maine’s homeowners pay a higher cost for a 15-year FRM and a 5/1 ARM, while a 30-year costs less than the national average.
However, it’s essential to know that a “good” rate is relative to various personal factors like your credit score, income level, loan term, loan amount, debts and more. If you want the best deal based on your situation, you should compare offers from different lenders.
In addition, interest rates change nearly daily. That’s why the lender’s estimate you receive today can differ from the one you receive a few weeks later.
Estimate Your New Monthly Mortgage Payment
MoneyGeek’s mortgage calculator can help you estimate how much you’ll pay every month after refinancing your mortgage. You can use it by entering your mortgage information and the rates given above. However, your actual rate might differ, as interest rates change daily and depend on factors like your credit score and debt-to-income ratio.
Frequently Asked Questions About Refinance Rates in Maine
MoneyGeek gathered the following frequently asked questions to help you understand if refinancing your mortgage is the best option based on your situation.
MoneyGeek found that a good refinance rate is relative to your situation and various factors like credit score, loan amount, loan term, income level, previous debt, etc. We recommend comparing different lenders to get the best deal.
Since mortgage refinancing is only beneficial if you qualify for a lower interest rate, it’s not a good idea to opt for it if a lender offers you a rate higher than your current mortgage.
On average, lenders in Maine charge a 5.24% interest rate on a 30-year fixed-rate mortgage. Consider it a good deal if you qualify for a lower or similar rate.
The average refinance interest rate on a 15-year FRM in Maine is 4.50%. It would be best if you qualify for a similar or a lower rate.
Based on S&P Global’s data, lenders in Maine charge an average interest rate of 4.29% on a 5/1 adjustable rate mortgage.
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.