Today's Mortgage Rates in Montana

Today's 30-year mortgage rate in Montana is at an average of 6.62%, sitting close to the national average of 6.90% for the same type of mortgage loans. In Montana, homebuyers can access programs like the Mortgage Credit Certificate and the Down Payment Assistance program to potentially reduce their mortgage expenses.

We'll help you understand Montana's average mortgage rates for various loan types, including distinctions between interest rates and APR and how your credit score may affect the rates you receive. You will also find comprehensive details on an array of mortgage types, rate structures, lenders and state-specific assistance programs to equip you with the knowledge necessary for making well-informed mortgage decisions in Montana.

The current mortgage rate in Montana for a 30-year fixed mortgage is at 6.62% in July 2024. It experienced a minor dip from 6.59% in the previous month. While that may seem small, it equates to saving around $1,429 over the life of the loan, assuming a $250,000 loan with a 20% down payment, not factoring in additional expenses like property taxes and HOA fees.

Understanding the current mortgage rate in Montana can help you budget for your future home because rates shift often due to factors like market conditions and central bank policies. Our line chart displays the trend of these rates month by month, showing you the pattern of changes that could impact your payment plan.

Staying updated with today's mortgage interest rates in Montana benefits two key players in the housing market:

Purchase rates and refinance rates for mortgages can differ — this is clear when you look at the current mortgage rates in Montana. If you're looking to buy, the average APR for a 30-year fixed-rate mortgage is 6.62%. By contrast, if you're thinking of refinancing, the average APR jumps to 8.09%.

A 30-year fixed-rate mortgage in Montana usually comes with a higher interest rate compared with a 15-year fixed-rate mortgage. The longer the loan term, the greater the risk for lenders, as they face uncertainty over a longer timespan — that's why rates for 30 years are generally higher than for 15 years. Your choice of mortgage will affect the rate you get in Montana.

You might want to explore a range of mortgage loan types in Montana to find what suits you best. A mortgage calculator can be a handy tool to help you understand how the rates translate into monthly payments. The rate you start with might not be your rate forever because movement in the market could influence your payments over time.

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 7.59%. With a credit score below 680, the average APR rises to 8.48%.

Your credit score impacts the mortgage rates you might qualify for in Montana. Our interactive table can help you understand what rates you could be looking at based on your credit score and down payment amount:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for in Montana for 30-year fixed-rate mortgages at 6.39%. Knowing your mortgage options can help you make a smarter choice for your future. Check out the table of mortgage loan types available in Montana below:

New American, Loan Depot and U.S. Bank stand out as solid options if you're looking to secure a mortgage in Montana. They meet our criteria with state availability, Better Business Bureau accreditation, and homeowner assistance programs. We've selected these lenders based on specific parameters, but additional lending options are available in Montana.

The mortgage rate you get in Montana can change depending on who you choose as your lender. Different lenders mean different mortgage rates — so shopping around is key. Comparing these lenders helps you land a deal that's right for you without missing out on potentially lower rates elsewhere.

Owning a home brings with it hidden costs aside from the monthly payments. In Montana, you have support from agencies like Montana Housing, which provides access to mortgage programs to ease your homebuying process.

Understanding today's mortgage rates in Montana is critical for anyone looking to buy a home in the state. We've addressed questions borrowers commonly have about these rates to provide clarity for your home-buying journey.