Current Montana Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30 year-fixed mortgage rates are averaging: 6.83% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.11% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

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  Refinance rates in Montana

  • Rate-and-term refinances allow borrowers to change their current interest rate and loan term — or even both. If you’re looking for the most affordable monthly mortgage payment, this refinance option may be a good solution. In Montana today, refinance rates are trending slightly higher than purchase mortgage rates.
  • Cash-out refinances offer a way to replace your current home loan, but they also give you a change to convert some of your home equity into cash. Because you’re taking out additional cash (rather than just replacing your mortgage), you’ll pay a higher interest rate.
  • Conventional refinances are refinance loans that aren’t part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
  • FHA refinances are insured by the Federal Housing Administration (FHA), and typically have lower rates than conventional refinances. In the current rates environment, Montanans are likely to see FHA rates come in around 0.24 percentage points lower than conventional refi rates.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and usually have very low VA rates. However, you must be a qualified military borrower to be eligible.

Current 30 year-fixed mortgage refinance rates are averaging: 7.09% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.53% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Calculator See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

The current mortgage rates forecast is for rates to remain between 6% and 7% for most of 2024. However, our senior economist Jacob Channel notes that if the Federal Reserve lowers the federal funds rate later on this year, mortgage rates could fall below 6%.

No matter what interest rates do, though, housing is very likely to remain expensive. The housing affordability crisis is rooted in high prices, low housing stock and low home sales in addition to high mortgage rates.

How do I get the best mortgage rate for my Montana home loan?

Some of the factors determining mortgage rates are out of your control, but there are a few steps you can take today to get the best mortgage rate:

  1. Boost your credit. Your credit score is the most influential factor when it comes to the mortgage rates you’re offered. A higher score usually means better rates.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio helps lenders assess your current debt load and estimate how much you can reasonably add to it. A lower DTI tends to yield better rates, so you may want to consider increasing your income, paying off some debt or getting a cosigner.
  3. Buy a single-family, site-built home. The best rates will usually go to those who aren’t looking to buy a manufactured home, a property with more than one unit, a vacation home or an investment property.
  4. Pay for mortgage points. Mortgage points give borrowers a way to “buy down” their interest rate, typically by up to 0.25 percentage points for each point purchased. If you can afford it, the upfront payment — one point usually costs 1% of your loan amount — could mean big savings in the long run. Just be sure to consider all of your options. In some cases, it’s wiser to put the money toward reducing your principal balance instead.
  5. Compare offers from multiple lenders. You can save a lot of money by taking a simple step: comparison shopping with three to five lenders. Shopping for the best rate can save you thousands of dollars, according to LendingTree data.
  Read more about our picks for the best mortgage lenders.
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Key question When should I lock in my mortgage rate?

Once you’ve received a loan estimate with an offer that looks promising, you should request that the lender lock your mortgage rate. If you skip this step, your interest rate could increase before you make it all the way through the closing process.

2024 Montana home loan programs

MBOH Regular Bond Loan Program

The Montana Board of Housing (MBOH) offers a 30-year home loan program for first-time homebuyers and those purchasing in targeted areas. The loans come with low interest rates and can be FHA, USDA, VA or Section 184 Indian home loans.

 Who qualifies?

Borrowers must:

 Be a first-time homebuyer or qualified veteran, or purchase in a targeted area
 Meet the program’s income and purchase price limits
 Complete a homebuyer education course (borrowers with a credit score over 680 in addition to low DTI ratios may qualify for an exemption)

 Who qualifies as a first-time homebuyer?

 People who have never owned a home
 People who haven’t owned a principal residence in the last three years

 What are the targeted areas in Montana?

Montana’s targeted areas include Blaine County, Deer Lodge County, Flathead County, Hill County, Mineral County, Missoula County, Sanders County, Silver Bow County, as well as several specific Census tracts in Gallatin and Lincoln counties and the City of Great Falls.

MBOH Set-aside Loan Program with down payment assistance

Borrowers who qualify for the regular bond loan program described above may also qualify for a set-aside loan, which comes with lower interest rates. This program connects borrowers with down payment assistance through a nonprofit organization that will pay up to $45,000 toward the purchase price of the home.

 Who qualifies?

Borrowers must:

 Be a first-time homebuyer or qualified veteran or purchase in a targeted area
 Meet the program’s income and purchase price limits (the nonprofit you work with may have lower limits than MBOH)
 Complete a homebuyer education course

MBOH Plus 0% Deferred Down Payment Assistance Program

This program offers up to $15,000 to help you cover a down payment and closing costs. The funds will come through a second mortgage loan, but you won’t have to make any monthly payments on the loan. In fact, you won’t have to repay those assistance funds until you either pay off the home’s first mortgage, or sell, refinance or transfer ownership of the home.

 Who qualifies?

Borrowers must:

 Use the program in conjunction with a 30-year loan through a MBOH program
 Have a 620 minimum credit score
 Complete a homebuyer education course
 Contribute at least $1,000 toward the home purchase (funds can be gifted to the borrower)

Local resource Get the full details about each of these programs at Montana Housing’s website.
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Learn about different types of MT mortgage loans

 Montana conventional loans. Conventional loans are a common choice for borrowers with good credit, since they frequently offer the best annual percentage rates (APRs) around. The minimum requirements for these loans are set by Fannie Mae and Freddie Mac.

 Montana FHA loans. FHA loan requirements can be a welcome alternative to conventional loans for borrowers with lower credit. You can qualify with a score as low as 500 if you’re able to make a 10% down payment. If your down payment fund isn’t quite that large, don’t worry — you can still qualify, but you’ll need at least a 580 score for a minimum 3.5% down payment.

  Montana VA loans. VA loan requirements give veterans and other qualified military borrowers a lot of flexibility when it comes to qualifying for a home loan. Borrowers with full VA entitlement can purchase or refinance without making a down payment at all. They also won’t have to pay for mortgage insurance the way they would with other common loan types.

  Montana streamline refinances are for those looking to refinance using either an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). They’re known as “streamline” loans because they require less paperwork and less hassle than other common refinance types. However, you can only use this faster track if you’re refinancing from an FHA loan into an FHA loan, or from a VA loan into another VA loan.

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