Today's Mortgage Rates in North Dakota (September 2024)
Updated: September 12, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in North Dakota is at 5.92%, which stays below the national average of 6.46%. Homebuyers in North Dakota have access to beneficial programs such as FirstHome and HomeAccess, which may help to lower mortgage expenses.
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).
This data was last updated on September 2024.
In September 2024, the current mortgage rate in North Dakota for a 30-year fixed-rate mortgage is 5.92%, down from 6.07% in August. You could save around $7,636 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 decrease of 15 basis points.
The line chart below illustrates how these rates have varied in North Dakota, demonstrating how small changes in percentage points can impact your pocket and giving you a visual guide to the market's recent history.
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.
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:
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in North Dakota understand what rate offers to expect from lenders.
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 5.92% if you're buying a home — but if you're refinancing, the rate jumps to 6.44%. This difference can impact your monthly payments and the total interest you'll pay over the life of the loan.
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.
| 5.19% | APR5.29% |
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 5.86%.
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 5.92%, giving you a clearer picture of the total loan cost per year.
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 6.42% 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:
| 10-year Fixed | APR5.75% |
| 15-year Fixed | APR5.35% |
| 20-year Fixed | APR6.07% |
| 30-year Fixed | APR6.38% |
| 5-year ARM | APR7.62% |
| 7-year ARM | APR7.53% |
In September 2024, 30-year fixed-rate loans have the lowest average APR for 30-year fixed-rate mortgages in North Dakota at 5.92%. Knowing your mortgage options can shape your financial future; each loan type offers unique benefits. Look closely at the table below to see the mortgage loan types available in North Dakota:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in North Dakota |
|---|---|---|---|
Conventional Loans | Conventional loans are a popular mortgage option for North Dakota homebuyers without government backing. | Mortgage rates for conventional loans are influenced by credit scores, down payments and market conditions. | 5.92% |
FHA Loans | FHA loans in North Dakota are government-backed mortgages catering to first-time or low-to-moderate-income homebuyers. | FHA loans often feature lower interest rates due to government backing but may include additional fees. | 7.04% |
VA Loans | VA loans provide military members in North Dakota with mortgages without a down payment or PMI requirement. | VA loans often offer competitive rates due to government backing, making them affordable for eligible homebuyers. | 6.30% |
USDA Loans | USDA loans support rural homebuyers in North Dakota, offering zero down payment and government backing. | USDA loans typically offer low interest rates to encourage homeownership in rural and some suburban areas. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conventional loan limits in North Dakota, used for high-value properties. | Jumbo loans carry higher rates due to larger loan amounts and increased lender risk. | 6.52% |
Mortgage rates in North Dakota come in fixed and adjustable.
As of September 2024, you're looking at an average APR of 5.92% for a 30-year fixed mortgage in North Dakota. If you lean towards an adjustable rate, the average is 7.29% for a five-year ARM.
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.
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
Cons
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
Cons
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
Cons
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. |
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.
Current average APRs for mortgages in North Dakota vary depending on factors such as the type of loan and other market conditions. As of September 2024, a 30-year fixed conforming loan has an average APR of 5.92%, and a 30-year fixed FHA loan for government loans stands at 7.04%.
Mortgage rates in North Dakota for a 30-year fixed-rate mortgage average at 5.92%, while the national average APR for the same loan type is slightly higher at 6.46% as of September 2024. The current average APRs for a five-year adjustable-rate mortgage in North Dakota is 7.29%, compared to the national average of 7.93%.
Your credit score significantly affects the mortgage rates you may qualify for in North Dakota. Higher credit scores can lead to lower mortgage rates as they indicate lower risk to lenders.
Yes, there are special mortgage programs in North Dakota such as FirstHome, HomeAccess and the North Dakota Roots, aimed at assisting homebuyers in the state.
To secure the best mortgage rates in North Dakota, consider these strategies: putting in a larger down payment, maintaining a strong credit score and shopping around with different lenders to compare rates.
Today's refinance rates in North Dakota are 5.68% for a 15-year fixed and 6.44% for a 30-year fixed mortgage on average.
To calculate your mortgage payments, use a mortgage calculator for North Dakota which can help you estimate your monthly payments including principal, interest, taxes and insurance.
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.
