Mortgage Rates in Maine

As of Thursday, April 15, 2021, current rates in Maine are 3.20% for a 30-year fixed, 2.47% for a 15-year fixed, and 5.00% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Maine mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Compare today's average mortgage rates in the state of Maine. Bankrate aggregates mortgage rates from multiple sources to provide averages for Maine.

Maine Mortgage Interest Rates Thursday, April 15
Loan Term Interest Rate Change 1 Day Rate Last Week
30-year fixed mortgage rate 3.20% trend-up-red 0.09% 3.29%
15-year fixed mortgage rate 2.47% trend-up-red 0.06% 2.53%
5/1 ARM mortgage rate 5.00% trend-up-red 0.13% 5.13%
30-year fixed jumbo mortgage rate 3.20% trend-up-red 0.09% 3.29%
30-year fixed refinance rate 3.27% trend-up-red 0.09% 3.36%

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to help consumers in their mortgage process. To learn more about the different rate averages Bankrate publishes above, see Understanding Bankrate's Rate Averages.

Maine mortgage overview

By Zach Wichter

Maine, with about 3,500 miles of rocky coastline and over 3,000 islands, has plenty to offer homebuyers who love nature and lots of space. One of the nation’s least-populated states, The Pine Tree State averages 43 people per square mile, according to Census estimates. Home prices in Maine have crept up over the past decade, but remain relatively affordable. The median sale price was $225,000 in 2019, up 4.7 percent from the year before, according to the Maine Association of Realtors.

First-time homebuyer programs in Maine

Maine Housing, the state’s housing 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 may qualify for a low-interest, fixed-rate mortgage through Maine Housing. (Veterans, retired military or active-duty service members don’t need to be first-time buyers to qualify.) Maine Housing mortgages have low- or no-down payment options. Eligible properties include single-family homes, condos, owner-occupied apartments with two to four units and some mobile homes.

Household income limits apply (although most Maine residents don’t exceed them), and a minimum credit score of 640 is required.

Advantage Down Payment and Closing Cost Assistance

The Advantage program can be combined with a Maine Housing mortgage to provide $3,500 for your down payment or closing costs. You must contribute at least 1 percent of the loan amount from your own funds to qualify, and a homebuyer education class is required.

Purchase Plus Improvement Program

If the home you’re buying requires renovation, the Purchase Plus Improvement program through Maine Housing, a single mortgage that finances both the purchase and renovation, may help. The program provides $500 to $35,000 for home improvements, depending on who is completing the work, with the amount rolled into the mortgage so you can pay it off over time.

To qualify, the total cost of the home and the project must fall within purchase price limits. A fee of 6 percent of the construction costs applies, and the only certain projects are eligible, such as adding a garage, making energy efficiency improvements or increasing the accessibility of the home. Upgrades such as installing a deck or swimming pool do not qualify.

Mobile Home Self-Insured Program

The Mobile Home Self-Insured program through Maine Housing offers mortgages for mobile homes costing up to $175,000. No private mortgage insurance is required, even if you’re putting down less than 20 percent. Instead, you’ll be charged a slightly higher interest rate.

You do need to put down 5 percent for a down payment, with at least 3 percent coming out of your own funds. The maximum debt-to-income ratio is 43 percent and the minimum credit score required is 640, although alternative credit may be considered. You may also be able to combine the program with the Advantage assistance or Purchase Plus Improvement loan.

You’re eligible if one of the following applies:

  • You’re a first-time homebuyer or haven’t owned a home in three years.
  • You owned an unattached mobile home on leased land.
  • You’re a veteran or active-duty military member who sold a home prior to closing on your Maine Housing mortgage.

Maine mortgage refinancing

With interest rates at record lows, Maine borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

Maine Housing does not currently offer any refinance programs, but homeowners with a mortgage through the agency who are having difficulty making payments due to COVID-19 may be eligible for assistance. If you’ve lost your job, ask about the Maine HOPE (HomeOwnership Protection for unEmployment) program, which may assist you with up to four mortgage payments. Other potential options include forbearance, payment plans or loan modifications.