Today's Mortgage Rates in North Dakota

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Updated: July 15, 2024

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Today's 30-year mortgage rate in North Dakota is at 6.40%, which stays below the national average of 6.90% for similar loans. Homebuyers in North Dakota have access to beneficial programs such as FirstHome and HomeAccess, which may help to lower mortgage expenses.

We discuss mortgage rates in North Dakota by loan type and explain the difference between interest rates and APR. With insights on how rates fluctuate based on credit scores and an overview of mortgage types and lenders, you'll be well-equipped to navigate mortgage options. Support is also available through various mortgage assistance programs like the North Dakota Roots and Targeted Area Loan.

MoneyGeek used 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 North Dakota. 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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in North Dakota

The current mortgage rate in North Dakota for a 30-year fixed-rate mortgage is 6.40% in July 2024, down from 6.63% the previous month — a decrease of 23 basis points. You could save around $10,898 over the life of a $250,000 loan with a 20% down payment, not including other costs like property taxes or HOA fees, thanks to this slight rate reduction.

The line chart below illustrates how these rates have varied in North Dakota, giving you a visual guide to the market's recent history.

Current Mortgage Rates in North Dakota (Jan to May)

Understanding the current mortgage rate in North Dakota can help you budget smartly for a home loan. Daily changes in rates are driven by economic events and interest rate trends; these can impact your payment plans.

Who Needs to Know Current Mortgage Rates in North Dakota?

First-time buyers and refinancing homeowners stand to gain from understanding today's mortgage interest rates in North Dakota, reflecting shifts in the housing market:

    coupleG icon

    First-time homebuyers

    Knowing current mortgage rates helps first-time homebuyers in North Dakota understand what rate offers to expect from lenders.

    homeowner icon

    Homeowners with mortgages

    Homeowners can assess if current rates justify a mortgage refinance, potentially lowering their payments.

Purchase rates and refinance rates can differ significantly. For instance, the current mortgage rate for a 30-year fixed-rate loan in North Dakota is 6.40% if you're buying a home — but if you're refinancing, the rate jumps to 8.10%. This difference can impact your monthly payments and the total interest you'll pay over the life of the loan.

Current Mortgage Rates in North Dakota by Loan Type

A 30-year fixed-rate mortgage in North Dakota often has a higher interest rate than a 15-year fixed-rate mortgage. Lenders charge more for the extended payment period of 30 years as it increases the risk of rate fluctuations and possible defaults over the long term. The right mortgage loan types in North Dakota can influence the rate you'll see for your home purchase or refinance.

Exploring different options can help you tailor your mortgage to your financial needs. A mortgage calculator can help you understand how different rates affect your monthly payments and the total cost of your loan over time.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
6.13%APR6.28%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate is the yearly cost you pay to borrow money for a mortgage. In North Dakota, the average mortgage interest rate for a 30-year fixed-rate mortgage stands at 6.31%.

APR, or annual percentage rate, wraps in both the interest rate and other costs such as mortgage points and fees to show you the full yearly expense of the mortgage. The average APR for North Dakota's 30-year fixed-rate mortgage is 6.40%, giving you a clearer picture of the total loan cost per year.

Current Mortgage Rates in North Dakota by Credit Score

In North Dakota, if your credit score is a strong 740 or above and your down payment is between 5% and 20%, you'll be looking at an average APR of 6.89% for a 30-year fixed mortgage. If your score falls below 680, the average APR climbs to 8.28%.

Your credit score impacts the mortgage rates for which you might qualify. Explore using the interactive table to see what rates you may get 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 FixedAPR5.75%
15-year FixedAPR6.25%
20-year FixedAPR6.88%
30-year FixedAPR7.20%
5-year ARMAPR8.34%
7-year ARMAPR7.95%

Mortgage Types in North Dakota

In July 2024, 30-year fixed rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in North Dakota at 6.22%. Knowing your mortgage options can shape your financial future; each loan type offers unique benefits. Here are the current rates for different mortgage loan types you can consider in North Dakota:

Mortgage Type
Definition
Impact on Rates
Current 30-Year APRs in North Dakota

Conventional Loans

A conventional loan is a mortgage not guaranteed by government agencies in North Dakota.

Interest rates may differ based on credit score and down payment size for conventional loans.

6.40%

FHA Loans

An FHA loan is insured by the Federal Housing Administration, available to North Dakota residents.

FHA loans often have lower rates for borrowers with lower credit scores.

7.04%

VA Loans

A VA loan is backed by the Department of Veterans Affairs for qualified veterans in North Dakota.

VA loans offer competitive rates without the need for mortgage insurance or a large down payment.

6.22%

USDA Loans

USDA loans support rural home buyers with low to moderate income in North Dakota.

USDA loans typically provide low rates and no down payment, aimed at rural development.

currently unavailable

Jumbo Loans

A jumbo loan exceeds the conforming loan limits set by FHFA in North Dakota.

Jumbo loans can have higher interest rates due to the larger loan amounts and associated risks.

6.84%

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MORTGAGE RATE STRUCTURES IN NORTH DAKOTA

Mortgage rates in North Dakota come in fixed and adjustable.

  • A Fixed mortgage rate is a consistent rate throughout the loan term, offering stable monthly mortgage payments.
  • An Adjustable mortgage rate initially often has a lower rate which can fluctuate over time, potentially reducing your payments in a declining rate market.

As of July 2024, you're looking at an average APR of 6.40% for a 30-year fixed mortgage in North Dakota. If you lean towards an adjustable rate, the average is for a 7-year ARM.

Mortgage Lenders in North Dakota

Truist, Bank of America and New American are options for those looking to secure a mortgage in North Dakota. They were selected based on their state availability, Better Business Bureau accreditation and homeowner assistance programs offered. There are additional lenders in North Dakota that could fit your specific financial situation.

In North Dakota, your mortgage rate can vary depending on the lender you choose. Every lender offers unique mortgage terms and rates — so comparing them can help you land the best deal.


  • Truist
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours

    In North Dakota, Truist is a mortgage lender providing a variety of loan products, though it doesn't share the details of its overall availability. Perspective homeowners can choose from conventional and VA mortgages among others. The minimum credit score for applicants is not revealed upfront. However, the down payment terms are approachable, with options as low as 3%.

    Customer support hours are Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturdays from 8 a.m. to 5 p.m. ET. You can reach out through phone calls, social media or in person for assistance. Beyond typical borrowing options, Truist also promotes homeowners assistance programs such as doctor loans, construction to permanent loans and affordable lending options to help buyers at different stages and with varying needs secure their ideal home.

    Pros

    • Wide range of mortgage products
    • Convenient online payment tools
    • Strong BBB accreditation status

    Cons

    • Limited mortgage information without professional consultation
    • No mortgage payment relief options
    Truist

  • 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

    In North Dakota, borrowers seeking a home loan have various options with New American. This lender provides a range of mortgage products, including the popular conventional loans and FHA loans. If you're considering an FHA loan, you need a credit score of at least 580, while conventional loans require a slightly higher down payment but offer the flexibility of only 3% down for qualified buyers.

    New American customer service hours are from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays. It offers phone and email channels. For homeowners seeking guidance or facing challenges, it presents loan assistance solutions.

    Pros

    • Wide range of mortgage options
    • Convenient mobile app for management
    • 14-day close guarantee on purchases

    Cons

    • No comprehensive FAQ section
    • Cannot prequalify online
    • No physical branches in 11 states
    New American

  • Bank of America
    • 6Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours

    Bank of America serves North Dakota with both online and in-person services. It offers various mortgage choices, including fixed-rate and adjustable-rate loans, catering to diverse needs. Customers looking for mortgages without a hefty down payment can find an option through its Affordable Loan Solution that requires as little as a 3% down payment. For those who have served in the military, VA loans with no down payment are available too.

    Bank of America supports its borrowers with customer service hours extending from Monday to Friday, 8 a.m. to 10 p.m. ET and on Saturday from 8 a.m. to 6:30 p.m. ET. You can reach out for help through various channels, including virtual meetings, phone or in-person. Additionally, it provides assistance to homeowners through its America’s Home Grant® and down payment grant programs.

    Pros

    • Unique mortgage options like the affordable loan solution
    • Client Assistance Program for payment postponements
    • Online calculators for costs and affordability

    Cons

    • Online profile needed to prequalify
    • Minimum credit requirement unclear
    • Loan advisor call necessary
    Bank of America

Mortgage Programs in North Dakota

Owning a home brings hidden costs that might chip away at your savings and in North Dakota, you can find support through the North Dakota Housing Finance Agency tailored to assist you. They offer mortgage programs tailored to assist you.

Program
Description

FirstHome

This program caters to those new to homeownership or who haven't owned a home in at least three years, with flexible income and purchase price limits. Support extends beyond the loan, offering down payment and closing cost assistance through DCA or Start.

HomeAccess

HomeAccess targets specific demographics, including single parents, veterans, individuals with a permanent disability, and those aged 65 or older, helping them achieve homeownership. Income and purchase price limits apply, but the program also allows for supplemental down payment and closing cost assistance.

North Dakota Roots

North Dakota Roots is perfect if you're worried about not meeting income or price limits. This program syncs with Fannie Mae/Freddie Mac rules, broadening loan amount options. Plus, down payment and closing costs can be addressed through DCA or Start programs.

Targeted Area Loan

This loan caters to those buying in designated areas like Benson, McKenzie, Rolette, or Sioux, offering lower interest rates. Check if your desired property is eligible, then use available down payment and closing cost assistance through DCA or Start after qualification.

DCA Program

For low-income borrowers, DCA Program is helpful, offering 3% of the mortgage loan for down payments, closing costs, and prepaid expenses. Eligibility varies by county and family size and includes a mandatory homebuyer education course, although it's exclusive of other down payment assistance.

FAQ: Mortgage Rates in North Dakota

We've addressed common questions about today's mortgage rates in North Dakota. Understanding these rates can help you make informed decisions when purchasing a home in the state.

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

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