Interest Rate
4.682%
APR*
4.772%
Average home price
$277.801

If you’re planning to purchase a home in Montana, you’ll want to secure the best possible mortgage rate. Several factors affect the rates you can qualify for, including your debt-to-income ratio, your credit score, your regular income, and the amount of your down payment.

One way to help ensure you get the best mortgage rate in Montana is by gathering all of your documents ahead of time, checking your credit before you apply for a loan, and acquiring preapproval for your loan from a professional mortgage lender.

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

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.682% 4.772% -0.04%
Conventional 15 year fixed 4.061% 4.229% +0.04%
Conventional 5 year ARM 4.17% 3.88% -0.26%
VA 30 year fixed 4.297% 4.384% +0.07%
VA 15 year fixed 3.938% 4.086% +0.1%

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

Buying a Home in Montana

Are you considering buying a home in Montana? Your dream home in Big Sky Country could be calling your name. Here’s what you need to know:

Montana’s wide open spaces house a total population of just over 1 million people, and not surprisingly, barely three out of ten are living in the state’s five largest cities:

  • Billings
  • Missoula
  • Great Falls
  • Bozeman
  • Helena (state capital)

You’ll want to figure out how much home you can afford. Montana ranks 8th in US homes for sale at average price, and 25th for homes over $1,000,000. Loan preapproval can help you plan your budget before you go house hunting.

First-time Homebuyers

First-time homebuyers looking for a remote property or hoping to find that small town vibe may qualify for a program administered by Montana Housing — the state’s housing finance authority.

The Montana Housing Regular Bond Program is Montana Housing’s main mortgage program for first time homebuyers. You’ll get a low interest rate on a 30-year fixed-rate mortgage.

Are you concerned about coming up with a down payment? The Montana Housing 80% Combined Program allows first-time homebuyers to pair a Montana Housing-approved loan for 80 percent of the purchase price with another loan that covers the remaining 20 percent of the price. The second loan comes from one of the agency’s partners, such as NeighborWorks Montana or MoFi.

To qualify for these first-time home buyer programs in Montana, you’ll need:

  • To complete a homeowners education course if you have subpar credit
  • An income that can not exceed Montana Housing limits
  • A minimum credit score of at least 640
  • A debt-to-income ratio of 41% percent or lower
  • To contribute at least $1000 of your own funds to the purchase

Refinancing in Montana

If you need to refinance a home in Montana to take advantage of favorable Montana mortgage rates, you can do any of the following:

  • Refinance in order to get a lower interest rate
  • Refinance so you can ditch PMI, also known as private mortgage insurance
  • Refinance to extend the length of your loan
  • Refinance to access equity from your home

You may want to look into qualifying for a streamlined refinance if you have the right type of loan. Ask your lender for more information.

GUIDES

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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