Interest Rate
6.601%
APR*
6.719%
Average home price
$235.012

If you’re ready to buy a home in North Dakota, you’ll want to secure the best mortgage rate possible. A high or low credit score, your level of income, the size of your down payment, and your debt-to-income ratio all impact your final mortgage rate.

Help yourself secure the best mortgage in North Dakota by checking your credit before you apply for a home loan. Also be sure to get all of your documentation in order to present to a reputable mortgage lender so you can get preapproved.

Here’s a quick look at current North Dakota mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.601% 6.719% +0.21%
Conventional 15 year fixed 5.51% 5.683% Unchanged
Conventional 5 year ARM 5.734% 5.479% Unchanged

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

Buying a Home in North Dakota

Ready to buy a home in North Dakota? This is a great time to find your dream home in the Peace Garden State. Here’s what you need to know:
North Dakota is a sparsely populated state, with barely 700,000 people calling the region home. It’s a scattered population with one out of three or four living in the state’s largest five cities:

  • Fargo
  • Bismarck (state capital)
  • Grand Forks
  • Minot
  • West Fargo

Next, find out how much home you can afford. North Dakota ranks 25th in US homes for sale at average price, and 30th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.

First-time Homebuyers

The state’s housing finance agency, the North Dakota Mortgage Finance Authority (known as MFA) helped nearly 2,900 families with first-time homebuyer loan programs in 2020. The most popular program is the MFA FIRSTHome loan, which can mean an extremely low down payment and closing costs.

Requirements for the MFA FIRSTHome loan include:

  • 620 minimum credit score.
  • At least $500 of your own money must be used to pay for the property.
  • Must complete pre-purchase homeowner counseling.
  • Household income limit: $91,000 statewide.
  • Purchase price limit: $340,000 (may vary based on location).

Refinancing in North Dakota

Do you want to take advantage of favorable North Dakota mortgage rates and refinance your home in North Dakota? You can likely do any of the following:

  • Refinancing to obtain a lower interest rate
  • Refinancing to change the length of the loan term
  • Refinancing to cash-out existing equity
  • Refinancing to get rid of private mortgage insurance (PMI) for good

You may qualify for a streamlined refinance if you have a certain 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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