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 | 6.885% | 6.971% | -0.03% |
| Conventional 15 year fixed | 6.138% | 6.274% | -0.24% |
| Conventional 5 year ARM | 6.65% | 7.681% | +0.03% |
| FHA 30 year fixed | 6.406% | 7.169% | -0.09% |
| VA 30 year fixed | 6.24% | 6.431% | -0.18% |
| VA 15 year fixed | 5.8% | 6.193% | +0.13% |
| VA 5 year ARM | 6.364% | 7.137% | -0.04% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
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:
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.
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:
You may decide to refinance your existing home to take advantage of low Idaho mortgage rates. You can do any of the following:
You might qualify for a streamlined refinance for certain loan types. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.
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