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Maine Mortgage and Refinance Rates

On Wednesday, April 24, 2024, the national average 30-year fixed mortgage APR is 7.34%. The national average 30-year fixed refinance APR is 7.35%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Maine

As of Wednesday, April 24, 2024, current mortgage interest rates in Maine are 7.50% for a 30-year fixed mortgage and 6.38% for a 15-year fixed mortgage.

Rates have come down since peaking in Oct. 2023, but still remain above 7 percent. Coupled with higher home prices, homebuyers are feeling an affordability crunch in Maine.

Refinance rates in Maine

While today’s mortgage refinance rates are significantly higher than they have been in recent years, you might still want to explore cash-out refinancing, which allows you to pull from the equity in your home. If you’re renovating your home, consolidating higher interest debt or expecting another major expense coming up, tapping your home equity could be an option for you.

Maine mortgage rate trends

Recent mortgage rate highs in 2023 have dipped in 2024, but are still high compared to recent years. The Fed has signaled interest rate cuts for 2024, however, these are predicated on decreasing inflation, which remains to be seen.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.29% 7.34%
15-Year Fixed Rate 6.72% 6.79%
5-1 ARM 6.69% 8.06%
30-Year Fixed Rate FHA 7.07% 7.12%
30-Year Fixed Rate VA 7.33% 7.37%
30-Year Fixed Rate Jumbo 7.35% 7.40%

Rates as of Wednesday, April 24, 2024 at 6:30 AM

 

 

Mortgage statistics for Maine

Known for its jagged coastlines and fabulous seafood, Maine is the northeasternmost state in the U.S. The state’s population is poised to grow slightly, up 1.7 percent, by 2030. If you want to make Maine your main home, here are key statistics about the housing market there:

  • Median home value (as of Feb. 2024): $377,025 (Zillow)
  • Median days to pending (as of Jan. 2024): 25 (Zillow)
  • Homes with price drops (as of Jan. 2024): 16.8% (Redfin)
  • Homeownership rate (as of Dec. 2022): 74.1% (Census Bureau)
  • Loan funding rate in 2022: 61% (Home Mortgage Disclosure Act)
  • Average mortgage loan size in 2022: $300,990 (Home Mortgage Disclosure Act)

Mortgage options in Maine

There’s a variety of mortgage options available to homebuyers in Maine. Here are some of the most common:

  • Maine conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Maine FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Maine VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.30 percent.

First-time homebuyer programs in Maine

MaineHousing, the state’s housing finance authority, offers a variety of programs that can help you get an affordable mortgage with a low or no down payment. Here’s a closer look:

  • First Home Loan Program: If you’re a first-time homebuyer or haven’t owned a home in the past three years, you might qualify for a low-interest, fixed-rate mortgage through Maine Housing. These mortgages have low- or no-down-payment options. Household income limits apply (although most Maine residents don’t exceed them), and a minimum credit score of 640 is required.
  • First Generation Program: If you and your parents or legal guardians have never owned a home, you may be eligible for a low-interest fixed-rate mortgage, down payment and closing cost assistance.
  • Salute ME and Salute Home Again: MaineHousing offers a rate discount of 0.5 percent for retired and active-duty military personnel on the 30-year First Home loan.

How to find the best mortgage rate in Maine for you

  • Step 1: Strengthen your credit score - Before you start looking for a lender and applying for a loan, review your credit history and take steps to improve your score, such as paying down existing debt.
  • Step 2: Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on rates, fees and terms.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. Plus, it will show sellers you’re serious when you make an offer.

Learn more about how to get a mortgage.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1064reviews

Additional Maine mortgage resources