Today's average 30-year mortgage rate in Montana is 6.02%, near the national average of 6.40%. Homebuyers can lower their mortgage costs through programs like the Regular Bond Program and the Montana Veteran’s Home Loan Program.
Mortgage
Today's Mortgage Rates in Montana (October 2024)
Updated: October 8, 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 Montana. 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 October 2024.
Current Mortgage Rates in Montana
The current mortgage rate in Montana for a 30-year fixed mortgage is 6.0% as of October 2024, a dip from 6.1% just the previous month. This decrease could save borrowers about $4,085 in total interest over the life of a $250,000 loan with a 20% down payment, not considering additional expenses such as property taxes and HOA fees.
Mortgage rates can change frequently due to economic conditions and Federal Reserve policies. The line chart below illustrates recent month-to-month rate changes, including the recent decrease of 1 basis point.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Montana can help you budget for your home purchase.
Who Needs to Know Current Mortgage Rates in Montana?
Staying updated with today's mortgage interest rates in Montana benefits two key players in the housing market:
First-time homebuyers
Knowing current mortgage rates in Montana can help first-time homebuyers understand what rates they might receive and gauge whether they're competitive.
Homeowners with mortgages
Homeowners in Montana stay informed on mortgage rates and consider a mortgage refinance if they can get a lower rate.
Purchase and refinance rates often differ. In Montana, the average APR for a 30-year fixed-rate mortgage is 6.02% for buying a home. However, if you're refinancing, the average APR is slightly higher at 6.06%.
Current Mortgage Rates in Montana by Loan Type
A 30-year fixed-rate mortgage usually has a higher rate than the 15-year option. With longer loan terms, lenders face a higher risk of non-payment and rate fluctuations.
You'll see differences in rates when you explore mortgage types in Montana. Use a mortgage calculator to see how these rates affect your monthly payments and total loan costs.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.38% | APR5.59% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the yearly cost you pay to borrow money from a lender for a mortgage. In Montana, the average mortgage interest rate for a 30-year fixed-rate mortgage is 5.97%.
The APR (annual percentage rate) shows the yearly cost of a loan, including interest and additional fees. In Montana, the average APR for a 30-year fixed-rate mortgage is 6.02%, reflecting the total yearly expense of the loan.
Current Mortgage Rates in Montana by Credit Score
In Montana, if your credit score is 740 or above and you're putting down between 5% and 20%, the average APR for a 30-year fixed mortgage is 6.39%. With a credit score below 680, the average APR rises to 7.29%.
Your credit score impacts the mortgage rates you might qualify for in Montana. Our interactive table can help you understand what rates you can expect based on your credit score and down payment amount:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | APR5.05% |
| 15-year Fixed | APR5.15% |
| 20-year Fixed | APR5.97% |
| 30-year Fixed | APR6.30% |
| 5-year ARM | APR7.56% |
| 7-year ARM | APR7.33% |
Mortgage Types in Montana
In October 2024, VA loans have the lowest average APR in Montana for 30-year fixed-rate mortgages, at 5.62%. Understand various mortgage options to make the right home-buying decisions. Below is a table comparing different loan types:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Montana |
|---|---|---|---|
Conventional Loans | A conventional loan in Montana is not secured by government agencies. | Rates can vary based on credit score and down payment in Montana. | 6.02% |
FHA Loans | An FHA loan in Montana is backed by the Federal Housing Administration. | Typically offer low down payments and flexible qualification requirements, which may influence rates. | currently unavailable |
VA Loans | A VA loan in Montana is guaranteed by the Department of Veterans Affairs. | Usually feature competitive rates due to government backing for qualified veterans. | 5.62% |
USDA Loans | A USDA loan in Montana supports rural development and is backed by the USDA. | Offer fixed interest rates for low-to-moderate-income buyers in rural areas, affecting affordability. | currently unavailable |
Jumbo Loans | A jumbo loan in Montana exceeds conforming loan limits set by FHFA. | Rates can be higher due to the larger loan amounts and increased lender risk. | 6.09% |
MORTGAGE RATE STRUCTURES IN MONTANA
Mortgage rates are of two types: fixed and adjustable.
- A fixed-rate mortgage locks in your interest rate, meaning your monthly mortgage payments remain unchanged over time. This stability can make managing your finances easier.
- An adjustable-rate mortgage (ARM) initially often offers a lower rate than fixed rates and adjusts over time depending on market conditions, potentially lowering your payments when rates drop.
As of October 2024, Montana's average APR for a 30-year fixed-rate mortgage is 6.02% and 7.02% for a seven-year ARM.
Mortgage Lenders in Montana
New American, LoanDepot and U.S. Bank are the top mortgage lenders in Montana due to their state availability, Better Business Bureau accreditation and homeowner assistance programs. You might find other lenders that fit your needs.
Mortgage products, terms and rates vary by lender. To secure the best deal, compare rates from multiple lenders.
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers a range of loans, including conventional and FHA options. You can qualify for an FHA loan with a minimum credit score of 580 or a jumbo loan with at least 680. Down payment options start at 3% for conventional loans and range from 3.5% to 10% for FHA loans. It provides phone and email support with flexible hours, including Saturdays, and offers loan assistance solutions.
Pros
- Extensive mortgage options
- Downloadable mortgage app
- 14-day close guarantee
Cons
- Limited FAQ section availability
- Inability to prequalify or rate-check online
- No branches in 11 states
- 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 offers various mortgage products, including conventional, FHA, VA, jumbo, investment property and construction loans. For traditional and FHA loans, minimum credit scores start at 660 for jumbo loans and as low as 640 for FHA. Low down payments are also available — just 3% for conventional loans and 3.5% for FHA. Veterans may qualify for VA loans with no down payment required. U.S. Bank is also a top lender for HELOCs, even for those with bad credit in most states.
Customer service is available via video chats, phone calls and in-person visits Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. The bank supports homeowners facing financial challenges with forbearance, repayment plans, loan modifications and payment deferral options.
Pros
- Online prequalification available
- Unique financing options like investment property loans
- Mortgage calculator with amortization details
Cons
- BBB rating not available
- Limited branch locations in the U.S.
- Exclusive to 27 states
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers both online and in-person services. You can choose fixed-rate loans for predictable payments or adjustable-rate loans for flexibility.
LoanDepot works with borrowers with a minimum credit score of 580 for FHA loans. Conventional loans require a minimum 5% down payment, while FHA loans can go as low as 3.5% with solid credit. Even with lower credit, the down payment typically doesn’t exceed 10%. Veterans and eligible USDA loan recipients can qualify for zero down payment.
Customer service is available by phone or email Monday through Friday, 10 a.m. to 9 p.m. ET. LoanDepot also offers help through its Loss Mitigation Assistance program.
Pros
- Online prequalification available
- Interactive mortgage calculator tool
- BBB-accredited, A+ status
Cons
- No extraordinary mortgage options
- Weekend customer support unavailable
- Loan advisor call required
Mortgage Programs in Montana
Owning a home brings with it hidden costs aside from the monthly payments. You have support from agencies like Montana Housing, which provides access to mortgage programs to ease your homebuying process.
Program | Description |
|---|---|
Regular Bond Program | Caters to first-time homebuyers, providing 30-year low-rate loans. Suitable for a variety of homes, including condos and manufactured homes, applicants need a qualification for basic mortgage loans like FHA, VA, RD or HUD-184. |
Down Payment Assistance | Eases home purchases with programs like Bond Advantage and MBOH Plus 0% Deferred, both requiring a 620 credit score, homebuyer education and a minimum personal investment of $1,000. |
80% Combined Program | Combines an 80% LTV first mortgage with a 20% LTV second loan, removing the need for mortgage insurance. Partnering with a nonprofit for the second loan covers the entire home price. |
Montana Veteran’s Home Loan Program | Honors military service with favorable terms through Montana Housing. It offers loans with no income or price limits and interest rates 1% below the market average. |
Mortgage Credit Certificate | A tax credit that allows you to claim 20% of your mortgage interest, capped at $2,000 annually. Although not a loan, it makes homeownership affordable. |
FAQ: Mortgage Rates in Montana
Understanding today's mortgage rates in Montana is critical for anyone looking to buy a home. We've addressed questions borrowers commonly have about these rates.
What are the current mortgage rates in Montana?
Current average APRs for mortgages in Montana vary by loan type and other factors. As of October 2024, a 30-year fixed conforming loan has an average APR of 6.02%, while a seven-year ARM jumbo is at an average of 7.10%.
How do mortgage rates in Montana compare to national rates?
Mortgage rates in Montana, such as the average APR for a five-year adjustable-rate mortgage at 7.22% or a 15-year fixed-rate mortgage at 5.39%, may differ from national rates, which are currently averaging 7.92% for a five-year ARM and 5.48% for a 15-year fixed mortgage as of October 2024.
How does my credit score impact the mortgage rates I get in Montana?
Your credit score significantly impacts the mortgage rates you can secure in Montana. A higher credit score can lead to lower mortgage rates, while a lower score might result in higher rates.
Are there any special mortgage programs in Montana to help homebuyers?
Yes, there are mortgage programs in Montana to assist homebuyers, such as the Regular Bond Program, Down Payment Assistance and the Montana Veteran’s Home Loan Program.
How can I get the best possible mortgage rate in Montana?
To secure the best mortgage rate in Montana, consider making a larger down payment, improving your credit score and shopping around with multiple lenders for the best rates.
What are today's mortgage refinance rates in Montana?
As of October 2024, today's refinance rates in Montana are 6.06% for a 30-year fixed-rate loan average and 5.53% for a 15-year fixed rate.
How do I calculate my mortgage payments?
To calculate your mortgage payments, use a mortgage calculator for Montana which can help you estimate your monthly payments and interest costs.
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.
sources
- Montana Housing. "Home Loans." Accessed October 8, 2024.