Montana Mortgage and Refinance Rates

Current mortgage rates in Montana

As of Wednesday, May 27, 2026, current mortgage interest rates in Montana are 6.62% for a 30-year fixed mortgage and 5.94% for a 15-year fixed mortgage. While mortgage rates are difficult to predict and change frequently, many experts believe rates will hover in the 6% to 7% range for much of 2026, both nationally and in Montana.

Refinance rates in Montana

Refinance rates are also now much higher than the rock-bottom levels of the past few years. As of Wednesday, May 27, 2026, a 30-year fixed refinance loan is 6.72% in Montana, and a 15-year fixed refinance loan is 5.89%. 

Still, you might consider a cash-out refinance on your Montana home to pay for renovations or other expenses. As home prices have risen, so have homeowners’ equity. The average mortgage-holder gained $5,700 in equity year over year in the third quarter of 2024, according to Cotality. If you want to use your equity but don’t want to refinance, a home equity line of credit (HELOC) is another option.

Montana mortgage rates by loan type

While the 30-year fixed-rate mortgage is the most common option for homebuyers, there are plenty of other ways to finance a new property. Here’s how national averages for mortgage rates vary by different loan types:

Mortgage options in Montana 

Like elsewhere in the U.S., there’s a variety of mortgage options in Montana to suit a range of needs and financial circumstances. Here are some of the most common:

First-time homebuyer programs in Montana

Montana Housing, the state’s housing finance agency, administers homeownership and rental programs, which include first-time homebuyer programs. Montana Housing also works along with NeighborWorks Montana, a nonprofit organization, to help make homeownership more affordable. The state defines a first-time homebuyer as someone who hasn’t owned a home in the past three years.

• Regular Bond Program: This program provides 30-year, low-interest mortgages to eligible first-time homebuyers who meet income, purchase price and loan program requirements (FHA, VA, USDA, Section 184), with possible homebuyer education required.
• Bond Advantage DPA: One of Montana Housing’s Down Payment Assistance programs, this option offers a 15-year loan of up to 5% of the purchase price (max $15,000) with low monthly payments. It requires a $1,000 investment, a minimum 620 credit score and completing a homebuyer education course.
• MBOH Plus 0% Deferred DPA: This program provides a loan with no interest for up to 5% of the purchase price (max $15,000). It is due upon sale of the home, refinance or payoff of the loan. In addition, it requires a $1,000 investment, a minimum 620 credit score and completing a homebuyer education course.
• 80% Combined Program: This option helps eligible buyers avoid mortgage insurance with an 80 percent first mortgage and 20% second mortgage. To qualify, you must have a minimum 640 credit score and a DTI ratio under 45%, and meet income limits.

Additional Montana mortgage resources