Interest Rate
Average home price

Contemplating buying a home in Idaho? A great mortgage rate could be within your reach. Your mortgage lender will be looking at your finances closely before assigning your rate, from your income and debt-to-income ratio to your down payment amount and credit score

To help yourself qualify for the best mortgage rate in Idaho, get ahead of the game by paying down debt and doing a credit check on yourself. Gather your proof of income and employment, and then get a reputable mortgage company to preapprove you prior to looking at homes to buy in Idaho.

Here’s a quick look at current Idaho mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.544% 6.617% +0.08%
Conventional 20 year fixed 6.156% 6.285% Unchanged
Conventional 15 year fixed 5.709% 5.831% +0.01%
Conventional 7 year ARM 6.688% 7.502% Unchanged
Conventional 5 year ARM 6.768% 7.709% +0.09%
FHA 30 year fixed 6% 6.731% Unchanged
VA 30 year fixed 5.83% 6.087% -0.03%
VA 15 year fixed 5.25% 5.785% -0.09%
VA 5 year ARM 6.062% 6.902% -0.04%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Idaho

Idaho is known for more than potatoes; it’s called the Gem State for a reason, with 72 different gems found across the state. If that’s convinced you to buy a home in Idaho, here’s what you need to know:

Cost of living in Idaho is lower than many other areas in the PNW region. Idaho boasts a population of 1.6 million, and nearly one in three dwell in the state’s six biggest cities:

  • Boise City (state capital)
  • Nampa
  • Meridian
  • Idaho Falls
  • Pocatello
  • Caldwell

The cost of a home in Idaho could be affordable, but plenty of luxury homes exist. Idaho ranks 15th in US homes for sale at average price, and 24th for homes over $1,000,000. Getting a mortgage preapproval can prepare you to go house hunting in Idaho, whatever your budget.

First-time Homebuyers

Many first-time home buyers can find help buying a home in Idaho through a program administered by The Idaho Housing and Finance Association (known as Idaho Housing.)

Freddie Mac HFA Advantage and Fannie Mae HFA Preferred loans through Idaho Housing allow homebuyers to obtain competitively priced mortgages with as little as 3% down. The programs can also provide a gift of 0.5 to 1% of the purchase price to help with closing costs, and can deliver a lower mortgage insurance payment.

Most first time homebuyers will need to meet the following requirements to qualify for help from Idaho Housing:

  • Have income is under $110,000 a year (or under $120,000 a year in Blaine County)
  • Have a credit score of at least 620
  • Have a debt-to-income (DTI) ratio below 50%
  • Complete a homebuyer education course

Refinancing in Idaho

You may decide to refinance your existing home to take advantage of low Idaho mortgage rates. You can do any of the following:

  • Refinance at a lower rate, saving money over the life of the loan
  • Refinance for a longer term, lowering your payment each month
  • Refinance to receive cash from the equity in your home
  • Refinance to remove a private mortgage insurance (PMI) requirement

You might qualify for a streamlined refinance for certain loan types. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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