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Montana Mortgage and Refinance Rates

On Wednesday, July 24, 2024, the national average 30-year fixed mortgage APR is 6.91%. The national average 30-year fixed refinance APR is 6.93%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Montana

As of Wednesday, July 24, 2024, current mortgage interest rates in Montana are 6.75% for a 30-year fixed mortgage and 5.88% for a 15-year fixed mortgage.

Mortgage rates rose in 2022, and are now aligned more closely with average historical mortgage rates. Like much of the U.S., Montana’s housing market has seen home prices climb in recent years — though the current median cost of a home, $404,254, has actually dropped nearly 7% since 2023, according to ATTOM. You might have less buying power now, making it all the more important to shop at least three mortgage lenders for the best rate.

Refinance rates in Montana

Refinance rates also are now much higher than the rock-bottom levels of the past few years. 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 Montana householder gained $18,000 in equity in 2023, according to Corelogic. If you want to use your equity but don’t want to refi, a home equity line of credit (HELOC) is another option.


Montana mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Montana.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 6.87% 6.91%
15-Year Fixed Rate 6.32% 6.39%
5-1 ARM 6.41% 7.79%
30-Year Fixed Rate FHA 7.00% 7.04%
30-Year Fixed Rate VA 7.15% 7.19%
30-Year Fixed Rate Jumbo 6.99% 7.04%

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



Mortgage statistics for Montana

Montana has seen drastic home price increases in the past few years. Here are more statistics about housing in the state:

  • Most popular cities: Billings, Missoula, Bozeman, Great Falls, Helena
  • Most affordable counties, Jan. 2024: Roosevelt, Prairie, Wheatland, Fallon, Dawson
  • Median home sales price, Feb. 2024: $404,254
  • Median home value, Feb. 2024:  $373,612
  • Homeownership rate, Q4 2023: 71% 

Sources: ATTOM, U.S. Census Bureau

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:

  • Montana conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Montana 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.
  • Montana 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 2.15 percent.
  • Montana USDA loans: If you’re buying a rural property in Montana, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

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

Montana Housing’s Regular Bond Program provides 30-year, low-interest mortgages to eligible first-time homebuyers in the state purchasing a single-family home, condo or manufactured home. The interest rates vary and are based on credit history, and you’ll need to be within location-based household income and home purchase price limits. You’ll need to meet the criteria for an FHA, VA, USDA or Section 184 loan, as well, and might be required to take a homebuyer education course.

Down Payment Assistance Programs

Through Montana Housing’s Down Payment Assistance programs, first-time homebuyers who need help coming up with the down payment and closing costs can receive funds from the state in conjunction with a Regular Bond Program loan. There are two down payment assistance programs available:

  • Bond Advantage DPA: A 15-year mortgage for up to 5 percent of the home’s sale price, up to $15,000, with low monthly payments; requires a $1,000 investment from the borrower, a minimum credit score of 620 and completion of a homebuyer education course
  • MBOH Plus 0% Deferred DPA: A zero-percent interest mortgage for up to 5 percent of the home’s sale price, up to $15,000, with no monthly payments, due when the first mortgage is paid off or the home is refinanced or sold; requires a $1,000 investment from the borrower, a minimum credit score of 620, a maximum DTI ratio of 45 percent and completion of a homebuyer education course; there’s an income limit of $80,000 for households of two or less and $90,000 for households of three or more

80% Combined Program

Under the 80% Combined Program, homebuyers who are eligible for Montana Housing financing can apply for an alternative to an FHA-insured loan to avoid paying mortgage insurance. To accomplish this, you’ll have two mortgages: an 80 percent, 30-year first mortgage, and a 20 percent second mortgage.

This program requires a credit score of 640 and a DTI ratio of no more than 45 percent. You’re also required to pay 1 percent of the home’s purchase price, or a minimum of $1,000. Your household also must be within area-specific income limits.

How to find the best mortgage rate in Montana

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • 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 banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

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


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Montana mortgage resources

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Troy Segal, Senior Editor, Home Lending

I’ve been writing and editing stories in the personal finance sphere for two decades, for publications like Business Week and Investopedia, covering everything from entrepreneurs to taxes. Since coming to Bankrate, I’ve concentrated on real estate, mortgages, renovations and other financial aspects of homeownership — helping people understand how a home isn’t just a place to live, but an investment that’s important to building and bequeathing wealth. 

Read more from Troy Segal